News Karnataka
Wednesday, May 18 2022
Industry

Auto ancillary stocks in radar on hopes of fresh demand from OEMs

Auto ancillary
Photo Credit : IANS

New Delhi: Shares of companies dealing in auto ancillary market have seen a firm uptick recently as their business outlook seems to have turned bright on hopes of rapid adoption of electric vehicles.

With supply of chips required in manufacturing of automobiles improving, Auto ancillary components are likely to see a rebound in demand from original equipment manufacturers across the globe.

Shares of Automotive Stampings and Assemblies rose 1,072 per cent in the past six months period.

Founded in 1990, Automotive Stampings and Assemblies manufactures sheet metal components, welded assemblies and modules for automobiles.

It’s current market capitalisation is worth Rs 1,259, NSE data showed.

Moreover, companies in the similar business such as JBM Auto and Talbros Automotive Components too managed to return healthy gains to their respective investors, rallying 188 per cent and 94 per cent, respectively.

Further, Kranti Industries shares rose over 60 per cent during the six months period, data showed.

It is worth mentioning that Prime Minister Narendra Modi at the COP26 meet in Glasgow said India aims to increase its non-fossil energy capacity to 500 Giga Watt by 2030, besides the country wishes to fulfil 50 per cent of its energy requirements from renewable energy sources by 2030.

Also, India intends to reduce its total projected carbon emissions by 1 billion tonnes by 2030, which may go a long way in creating a fresh demand in electric mobility and green technology space.

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