Sandhar Technologies is a loud buzzing stock today. The stock opened over 8.5% higher at Rs.281.70, going up further to an intraday high at Rs.294.30, rising over 13.5%.
The stock price has gone up on unconfirmed news reports that it is one among the three companies with whom Tesla is exploring the option for sourcing critical parts as part of its plans to enter the Indian market.
Economic Times has put out a report saying that Tesla is looking to source critical electronic, electrical and mechanical components, even as Sona Comstar, Sandhar Technologies and Bharat Forge are understood to be among the Indian firms already supplying components to it.
Sandhar is a leading auto ancillary player primarily serving the Indian auto OEM industry through a host of product categories, such as locking systems, Al die-casting & cabins.