Sandhar Tech jumps after JV with South Korean firm

Sandhar Technologies rose 3.58% to Rs 321.20 at 11:27 IST on BSE after the company said it entered into a 50-50 joint venture with South Korea's Kwangsung Corporation.

The announcement was made on Saturday, 1 December 2018.

Meanwhile, the S&P BSE Sensex was up 88.71 points, or 0.25% to 36,283.01.

On the BSE, 740 shares were traded in the counter so far compared with average daily volumes of 782 shares in the past two weeks. The stock had hit a high of Rs 325.10 and a low of Rs 317.90 so far during the day. The stock hit a 52-week high of Rs 451.30 on 15 May 2018. The stock hit a 52-week low of Rs 295.10 on 5 October 2018.

Sandhar Technologies said the joint venture is being established for manufacturing and selling interior and exterior parts, plastic moulded parts and accessories for the passenger and utility vehicles segment in a phased manner. The joint venture will introduce light-to-ultra-light, illuminated sliding sun visors and manufacture cargo screens used in SUVs and MUVs and also offer customized black out tapes and anti-chipping tapes solutions for automobile exterior protection and aesthetics.

Net profit of Sandhar Technologies rose 32.99% to Rs 26.04 crore on 15.83% rise in net sales to Rs 536.63 crore in Q2 September 2018 over Q2 September 2017.

Sandhar Technologies is an automotive components and systems suppliers, engaged in the manufacturing of a diverse range of products, with primary focus on safety and security systems for automobiles across segments.

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