Carraro India Ltd secures major engineering services contract from Montra Electric

Carraro India Limited, an independent Tier-I solution provider for axles, transmission systems, gears and other related components, has announced today that.

The Company has achieved a significant strategic milestone by securing a pivotal engineering services contract for the detailed feasibility, industrialising of E-Transaxles for electric-powered agricultural tractors. The agreement, executed today, is with TI Clean Mobility Private Ltd - Montra Electric ("Customer"). The contract is valued at Rs. 17.50 Crore and this development positions Carraro as a key technology supplier for the Indian tractor industry.

Commenting on the same Dr. Balaji Gopalan, Managing Director, Carraro India Limited, said: "We are thrilled to announce that Carraro has successfully secured an engineering services contract to industrialize the E-Transaxle. This significant milestone marks a pivotal moment for our company as a technology product supplier for the Indian tractor industry. We are confident that this innovative technology will greatly enhance the capabilities of tractors, providing superior efficiency and sustainability. This development underscores our dedication to innovation and excellence in the agricultural tractor segment and reflects our commitment to delivering cutting-edge solutions to our customers. Post the industrialisation, we look forward to the successful implementation of the ETransaxle in our product range."

Shares of Carraro India Limited was last trading in BSE at Rs. 506.45 as compared to the previous close of Rs. 462.90. The total number of shares traded during the day was 76247 in over 4242 trades.

The stock hit an intraday high of Rs. 516.40 and intraday low of 458.00. The net turnover during the day was Rs. 38264556.00.

Source : Equity Bulls

Keywords

CarraroIndia INE0V7W01012 AutoComponents Equipments Tier1SolutionProvider