India's Sterling Tools hits record high on Meishuo Electric partnership

Sterling Tools

02/12/2024 07:45

** Shares of Sterling Tools  STTL.NS  rise as much as 4.2%
to record high of 723.8 rupees 
    ** The company, which makes high-tensile cold-forged
fasteners, has partnered with China's Meishuo Electric
 301295.SZ .
    ** STTL expects 2 bln rupees ($23.6 mln) revenue by FY30
through partnership, and will invest 200 mln rupees initially
    ** Stock rose in the last five weeks, gaining 39.5% during
the period
    ** Stock trading above its 200-day SMA since Aug, indicating
bullish sentiment
    ** STTL last up 2%, extending YTD gains to nearly double

($1 = 84.7030 Indian rupees)

 (Reporting by Anuran Sadhu in Bengaluru)
 ((Anuran.Sadhu@thomsonreuters.com; +91 8697274436;))