Sona BLW Precision Forgings has become the first automotive component manufacturer to receive certification under the auto production linked incentive (PLI) scheme.
The company had 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, Sona Comstar said in a regulatory filing.
Among blue-chip Sensex stocks, HCL Tech, Maruti, Asian Paints, Airtel, and TCS were the top laggards, falling over 1% each. While Bajaj Finserv, M&M, Titan, Wipro, and Reliance Industries closed higher. Vodafone Idea shares closed nearly 8% higher after the company said that its board is scheduled to meet on February 27 to consider and evaluate options to raise funds through the equity route.
Prabhudas Lilladher is bullish on Sona BLW Precision Forgings has recommended buy rating on the stock with a target price of Rs 4071 in its research report dated January 31, 2024.
Sona BLW Precision Forgings Ltd., incorporated in the year 1995, is a Small Cap company (having a market cap of Rs 34010.69 Crore) operating in Auto Ancillaries sector.