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.
