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Alicon Castalloy rallies 13% on signing contracts with Samsung SDI, Daimler

The company signed multi-year contracts aggregating Rs 810 crore with leading global OEMs and tier 1 suppliers such as Jaguar Land Rover, Daimler, Samsung SDI & MAHLE.

SI Reporter  |  New Delhi 

Illustration by Ajay Mohanty
Illustration by Ajay Mohanty

Shares of Alicon Castalloy surged 13 per cent at Rs 395 apiece on the BSE on Friday after the company signed multi-year contracts aggregating Rs 810 crore with leading global original equipment manufacturers (OEMs) and tier 1 suppliers such as Jaguar Land Rover, Daimler, Samsung SDI & MAHLE.

"The company has been awarded multi-year contracts aggregating Rs 810 crore with two leading global automakers and two Tier 1 global suppliers," it said in an exchange filing, yesterday, post-market hours. READ FILING HERE

The contracts include supply of aluminum chassis light weight alloy products to Jaguar Land Rover for their new model vehicle line; supply of heavy truck engine parts to Daimler for their new generation engines; supply of e-mobility parts to Samsung SDI as a Tier 1 supplier for EV platforms; and supply of cooling modules of heavy engine trucks to MAHLE for their new commercial vehicle platforms.

The long duration contracts are to be completed over a period of 5 years with supplies commencing in stages between June 2020 and December 2021, it added.

At 9:45 am, the stock of the aluminium casting manufacturer was trading 12.7 per cent higher at Rs 394 per share, as against a 0.18 per cent rise in the S&P BSE Sensex. So far in calendar year 2019, the stock has underperformed the benchmark by declining 40 per cent. In comparison, the Sensex was up 8 per cent.

First Published: Fri, October 18 2019. 09:51 IST
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