Sona BLW Precision shares rise

CHENNAI: Share price of automobile component maker Sona BLW Precision Forgings Ltd (Sona Comstar) hit an intraday high of Rs 648 on Friday after closing at Rs 613.25 on the BSE on Thursday. The stir came as the company announced that it had become the first automotive component manufacturer to receive certification under the Auto Production Linked Incentive (PLI) scheme. The company has filed seven applications for various products under the PLI scheme, and It has received certification for its first product, a hub wheel drive motor for electric two-wheelers. Also Read – To bring reforms in IT sector, I removed PTR from Finance – Stalin The company’s research and development (R&D) team designed and developed EV traction motors in-house and launched them for production in 2020 .In 2021, the government launched the Auto PLI Scheme to encourage domestic production of high-value advanced automotive technology vehicles and products. The budgetary outlay of the PLI scheme for the auto and auto component sector is Rs 259 billion over five years starting from FY 2023-24. After touching Rs 648, Sona Comstar shares were trading at Rs 642.