Shares of ASK Automotive Ltd. hit upper circuit on Tuesday after the company inked a deal with Kyushu Yanagawa Seiki Co. for cast wheel production.
The company signed a pact for manufacturing high-pressure die-casted alloy wheels for two-wheelers, with KYSK offering technical expertise and knowledge-sharing, it said in an exchange filing on Monday.
The products manufactured will be supplied to identified Japanese customers, the company said. It aims to design, develop, and manufacture high-quality alloy wheels to ensure safety, align with world-class standards, and ensure superior performance, according to the statement.
"Our partnership with KYSK will facilitate us with critical technical assistance and know-how, helping us meet the required standards and manufacture the best-in-class products for our identified customer,” Kuldip Singh Rathee, chairman and managing director of ASK Automotive, said.
ASK Automotive Share Price
ASK Automotive shares rose as much as 4.99% to an upper circuit of Rs 357.3 apiece. This compares to a 0.18% decline in the NSE Nifty 50 as of 10:05 a.m.
The stock has risen 23.97% in the last 12 months. The relative strength index was at 31.
Three analysts tracking the company maintain a 'buy' rating, according to Bloomberg data. The average 12-month analysts' consensus price target implies an upside of 47%.
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