Bengaluru, May 14 -- The shares of the prominent automotive fastener manufacturers gained up to 9 percent after the company forayed into Rare Earth Magnet-Free traction motors for electric vehicles.

With a market capitalization of Rs 1,157.90 crore, the shares of Sterling Tools Ltd were trading at Rs 318.50 per share, increasing around 7.60 percent as compared to the previous closing price of Rs 296.00 apiece.

The shares of Sterling Tools Ltd have seen positive movement after its subsidiary, Sterling Gtake (SGEM), entered the development and marketing of Rare Earth Magnet-Free traction motors for EVs. SGEM signed a Technology Licensing Agreement with UK-based AEM Ltd to manufacture these advanced motors at its Faridabad plant using AEM'...