Sundram Fasteners commences operations at Mahindra World City

Sundram Fasteners Ltd has established a manufacturing facility with an initial investment of around Rs 32 crores in the Automotive Ancillary Special Economic Zone at Mahindra World City near Chennai for the manufacture of hubs and shafts initially to cater to the requirements of General Motors, U.S.A.

The SEZ unit is on regular production stream from September 01, 2007 and has made the first shipment to General Motors on October 03, 2007.

The anticipated annual potential business when the capacity of the SEZ unit is fully augmented is around US $ 20 million for exports.

The stock closed the day at Rs.49.90, down by Rs.0.45 or 0.89%. The stock hit an intraday high of Rs.50.50 and low of Rs.49.

The total traded quantity was 27532 compared to 2 week average of 44575.

Source : Equity Bulls

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