Sterling Tools has forayed into the energy sector through its wholly owned subsidiary, Sterling Tech-Mobility. The company has partnered with Zhejiang Meishuo Electric Technology Co., China to locally manufacture latching relays for the energy sector, industrial grids, and other applications in India. These relays are crucial in reducing power consumption and thus extending the lifespan of key components across smart metering systems, as well as industrial and white goods applications. They enable the remote connection and disconnection of power to a consumer`s premises, utilizing a latch mechanism that minimizes energy consumption during operation.This association is expected to generate Rs. 200 crore in business by FY30, and Sterling Tools will bring the niche technology to manufacture and assemble latching relays locally at a new facility in Bengaluru, India, with an initial investment of around Rs. 20 crore. By producing these components domestically, Sterling Tools aims to drive import substitution and reduce reliance on imports, aligning with the Atmanirbhar Bharat vision and supporting the Make in India initiative. The development will empower Indian companies and other suppliers to access advanced technology locally, building a self-reliant ecosystem for the industrial and white goods industries.Sterling Tools, through its wholly owned subsidiary Sterling Tech-Mobility, plans to expand the local manufacturing of electrical components, systems, and relays, strengthening India`s industrial supply chain and reducing reliance on imports. With the market poised for significant growth, this partnership is well-timed to capitalize on emerging opportunities while contributing to a sustainable future. Powered by Capital Market - Live News

Sterling Tools (STL) has been awarded the long-term rating of [ICRA]AA- (Positive). The outlook has been revised from Stable to Positive by ICRA. This upgrade is driven by STL`s strong credit profile and robust growth in the electric vehicle (EV) components segment, which has led to increased diversification of STL`s earnings. Powered by Capital Market - Live News

Net profit of Sterling Tools rose 40.21% to Rs 17.47 crore in the quarter ended September 2024 as against Rs 12.46 crore during the previous quarter ended September 2023. Sales rose 35.12% to Rs 283.98 crore in the quarter ended September 2024 as against Rs 210.17 crore during the previous quarter ended September 2023. ParticularsQuarter EndedSep. 2024Sep. 2023% Var. Sales283.98210.17 35 OPM %11.3412.02 - PBDT31.7324.16 31 PBT23.0515.81 46 NP17.4712.46 40 Powered by Capital Market - Live News

Sterling Tools will hold a meeting of the Board of Directors of the Company on 14 November 2024Powered by Capital Market - Live News

Sterling Tools, through its wholly owned subsidiary Sterling Tech-Mobility, has entered into a partnership with Kunshan GLVAC Yuantong New Energy Technology Co., (GLVAC YT), a wholly owned subsidiary of China`s Kunshan GuoLi Electronic Technology Co., (GLVAC), to manufacture advanced High Voltage Direct Current (HVDC) contactors and relays in India. These components play a key role in controlling the flow of current in electric and hybrid vehicles.This association is expected to generate Rs. 250 crore in business by FY30 and Sterling Tools will bring the niche technology to manufacture and assemble HVDC Contactors and relays locally at a new facility in Bengaluru, India with an investment of around Rs. 40 crore. By producing these components domestically, Sterling Tools aims to drive import substitution aligning with the Atmanirbhar Bharat vision and supporting the Make in India initiative. The development will empower Indian OEMs, Tier-I Companies, and other suppliers to access advanced technology right at home, building a self-reliant ecosystem for the Electric Vehicles (EV) and Hybrid Electric Vehicles (HEV) sectors. HVDC contactors and relays are crucial components in electric and hybrid vehicles, managing and controlling high-voltage electricity flow between the battery, motor controller or inverter, and other power electronic systems. These components provide safe switching and isolation in EV power circuits, ensuring efficient operation while protecting against electrical faults. In the event of accidents or short circuits, these help to prevent hazards such as fires or explosions. Powered by Capital Market - Live News