Shares of Subros surged up over 10% on Monday to hit an intraday high of ₹463.
What Happened: The surge in the stock comes today, as the company announced developing an electric air conditioning system with an integrated battery management system for hydrogen cell buses. The company in a statement said that the solution was developed entirely in-house.
The company also disclosed that the system has been installed in an original equipment manufacturer’s (OEM) bus for testing purposes. The stock was trailing in the red today but shot up instantly after the announcement was made at around 12 pm.
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The small-cap company which is a joint venture with India’s Suri Family, Japan’s DENSO Corporation and Suzuki Motor Corporation manufactures compressors, condensers, heat exchangers and other elements required to complete the AC loop. The company manufactures mainly for passenger vehicles, buses, trucks and railways.
DSP Small Cap Fund owns a 3.41% stake in the company.
Price Action: Subro’s shares simmered down after the initial 10% bump to trade 5.53% higher at ₹434.10 at the time of writing on Monday.
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