Chennai, Feb 23 (IANS) The share price of automobile components maker Sona BLW Precision Forgings Ltd (Sona Comstar) on Friday flared up to touch a high of Rs 648 after its closing at Rs 613.25 on Thursday at the BSE.
The flare up happened after the company announced that it became the first automotive component maker to get the certification under the Auto Production Linked Incentive (PLI) scheme.
The company has filed seven applications for different products under the PLI scheme, and it has received the certification for its first product, a hub wheel drive motor for electric two-wheelers.
The company’s research and development (R&D) team designed and developed the EV traction motors in-house and launched them for production in 2020.
In 2021, the government introduced the Auto PLI scheme to incentivise the domestic production of high-value advanced automotive technology vehicles and products.
The PLI scheme for the auto and auto component sector has a budgetary outlay of Rs 259 billion over five years, starting from FY 2023-24.
After touching Rs 648, the Sona Comstar scrip was changing hands for a shade below Rs 642.
–IANS
vj/dan
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by TodayIndia.news and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of TodayIndia.news We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, TodayIndia.news takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
