Remsons Industries Share Price Gains 17% — Here’s What Drove the Surge

Remsons Industries share price surge: Auto products manufacturer Remsons Industries shares scripted a rally up to 16.84 per cent on Thursday, May 15 to hit an intraday high of Rs 139.80 apiece. 

However, at 10:55 AM, Remsons Industries shares were off day’s high, and were trading 13.46 per cent higher at Rs 135.75 per share. In comparison, India's stock exchange bourse Sensex was trading 0.13 per cent higher at 81,439.79 level.

What triggered this rally in Remsons Industries share price?

Remsons Industries share price increased after the company announced that it secured an order worth Rs 300 crore ($35 million) from Stellantis North America.

In an BSE exchange filing, Remsons Industries informed, “We are pleased to announce that the Company Remsons Industries Limited has received the business Award from Stellantis N V, North America- for the supply of control cables. Key Highlights: Order value more than ₹300 crore, one of the largest orders in Remson's history; Delivery schedules for this contract will commence from next financial year onwards.”

Under the deal, Remsons Industries will be supplying critical components for vehicle platforms such as the Jeep Wrangler and RAM. The company shall also supply products for Smart car and 3-Wheeler into Stellantis Europe.

“This is not just a new project; it is a moment that defines our journey and reaffirms the faith that global automotive leaders place in our capabilities, quality, and commitment,” said Rahul Kejriwal, executive director of Remsons Industries.

Last month, Remsons Industries acquired Astro Motors, a three-wheeler electric vehicle manufacturing company. Astro Motors is engaged in the business of developing and manufacturing electric vehicles for cargo, loaders, passengers and micro mobility.

The Mumbai-headquartered company operates advanced manufacturing facilities in Pardi, Daman, Gurgaon, and Pune, in India, as well as in Stourport and Redditch in the United Kingdom (UK). The auto-focused firm's product portfolio constitutes of high-quality components like pedal boxes, winches, lighting systems, sensors, control cables, and gear shifters, which it supplies to leading OEMs in India and abroad.