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As plans for Tesla entring India seem to firm up, all eyes are on what it means for the Indian automotive sector. Most brokerages have maintained that in terms of direct competition there isn’t a big worry. This is because the electric vehicles offered by domestic OEMs in India like M&M and Tata Motors are significantly cheaper, what’s the outlook for EV component makers. According to the provisions of the latest EV Policy,it is expected to boost domestic manufacturing, create jobs, and strengthen India’s position as a leading EV maker.
Let’s take a closer look at four key EV component makers and how their stocks are performing.
Suprajit Engineering
Suprajit Engineering, a major player in the automotive component manufacturing sector, has been supplying components to Tesla since 2022. It is already part of its global supply chain, could benefit from increased orders id Tesla’s India entry plans firm up soon.
Currently, Suprajit Engineering’s share price is trading at Rs 391, down over 1% in intraday trading. Over the past month, the stock has declined nearly 9%, and on a one-year basis, it has also dropped by 9%.
Sona BLW Precision Forgings
Sona BLW specialises in precision-forged components and has a strong presence in India, the US, and European markets. Given its expertise in supplying original equipment manufacturers (OEMs), the company could emerge as a key supplier to Tesla in India.
Sona BLW’s share price is currently trading at Rs 499.40, down nearly 2% in today’s session. The stock has seen a sharp 29% decline in the past month and is down 27% over the last year. The company has a market capitalisation of Rs 31,090 crore.
Sundram Fasteners
Sundram Fasteners has been supplying crucial components like gear transmission parts, rotator caps, bevel gears, and surge tank caps to Tesla since 2017. The company also secured a $250 million contract from a global automaker in early 2023 for EV components.
Share price of Sundram Fasteners is down over 1% in intraday trading. Over the past month, it has declined nearly 5%, while in the last six months, it has dropped by 30%. On a one year basis, the stock is down 12%.
Varroc Engineering
Varroc Engineering has been supplying the complete lighting system for Tesla’s Model S and Model X since 2017. The company also works with other global automakers, and is also a player in the EV component space.
Varroc Engineering’s stock is down 1% in intraday trading. Over the past month, the stock has declined by 21%. In the last six months, it has dropped 25% and on a one-year basis, it has fallen by 14%.
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