Tesla-linked SKF India, Sandhar Technologies and other companies' share prices jump over Elon Musk India visit - Hindustan Times
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Tesla-linked SKF India, Sandhar Technologies and other companies' share prices jump over Elon Musk India visit

Apr 12, 2024 03:07 PM IST

SKF India, Sandhar Technologies, Suprajeet Engineering and other auto ancillary companies’ share prices are rising with Tesla CEO Elon Musk set to visit India.

Suprajit Engineering, SKF India, Sandhar Technologies, and Sona Blw Precision Forgings share prices jumped today - you can call it the Tesla CEO Elon Musk coming to India effect! Musk, who is all set to meet PM Narendra Modi soon with the intention of moving plans to establish a Tesla car manufacturing entity in the country forward. Talks for this have been going on for a long time, but without much forward momentum. Tesla is expected to expand its manufacturing away from just China and bring some parts of it to India and that includes the launch of an affordable version of the Tesla electric car, in all probability a Model 2, with the total investment by the billionaire exceding $3 billion for a facility reportedly. Notably, Tesla is dependent on China for almost 50% of its worldwide production. Another US company that was dependent on China manufacturing, which is Apple, has already taken major steps to enter India in a big way.

Tesla-linked SKF India, Sandhar Technologies to Suprajeet Engineering share prices are up as Tesla CEO Elon Musk is set to visit India, but Varroc Engineering is in red.(REUTERS)
Tesla-linked SKF India, Sandhar Technologies to Suprajeet Engineering share prices are up as Tesla CEO Elon Musk is set to visit India, but Varroc Engineering is in red.(REUTERS)

Read More: Tesla CEO Elon Musk's India visit to last around 48 hours: What's his plan?

All these auto ancillary companies are linked in one way or another with Tesla and like in earlier periods, investors are reacting to the news about the impending news about Musk’s India visit, which is likely going to be a very big step forward in the process of establishing the company here. As a background, this visit comes after India unveiled its electric vehicle policy that looks to give certain concessions to foreign carmakers who want to establish manufacturing facilities here, but they will need to first commit themselves to investments locally.

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How the Indian ancillary companies reacted

Suprajit Engineering share price rose 2 percent today. Its links with Tesla stem from the fact that it bought out Norwegian company Kongsberg Automotive’ Light Duty Cable (LDC) business unit. It supplies various parts to Tesla.

Read More: Metropolis Healthcare share price jumps over 7.5%, hits 52-week high

Sandhar Technologies share price today was up by over 4 percent at 519.70. It provided parts for the Tesla Model 3 wiper system among others.

Sona Blw Precision Forgings share price jumped by over 4 percent at 679.70. However, earlier, it was up by over 7 percent, having climbed over the 705 level. The company supplies components and systems.

SKF India share price jumped as high as Rs. 4,650.25, a gain of 2.11% having gone as high as 4773 at one time. It supplies a number of parts for Tesla vehicles. Its links with Tesla go as far back as 20028.

Read More: Zomato share price rises for sixth straight session to a record high. Here's why

While the other Tesla-linked companies’ shares are in green, Varroc Engineering share price is down by over 2% today at 514.60. However, its links with Musk, and Tesla, go back as far as 2017. Significantly, it had got the contract for supplying the lighting system for various Tesla models including Tesla Model .

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