Shares of Sona BLW Precision Forgings Ltd will be in focus on Friday, as the auto component maker received certification for one of its products- hub wheel drive motor for electric two-wheelers, under the production-linked incentive (PLI) Scheme from the Ministry of Heavy Industries.

With this, Sona BLW Precision Forgings, also known as Sona Comstar, has become the first automotive component manufacturer to receive certification under the auto production linked incentive (PLI) scheme. The company had filed seven applications for different products under the PLI scheme, and it has received the certification for its first product, Sona Comstar said.

“The company’s R&D team designed and developed the EV traction motors in-house and launched them for production in 2020. Thanks to the customers’ trust in its products, Sona Comstar has become one of India’s leading manufacturers of EV traction motors,” it said in the exchange filing.

To recall, the government of India introduced the auto PLI scheme in 2021 to incentivise the domestic production of high-value advanced automotive technology vehicles and products. The scheme for the auto and auto component sector has a budgetary outlay of Rs 25,900 crore over five years, starting from the year 2023-24.

“We are proud to be the first company in the auto component industry to receive the PLI certification. We thank the MHI, IFCI and GARC for this approval. This recognition reaffirms the company’s commitment to making India proud of its engineering skills and solving complex and customized engineering problems for its customers,” said Vivek Vikram Singh, MD & Group CEO of Sona Comstar.

Shares of Sona BLW Precision Forgings settled at Rs 613.25 on Thursday, up marginally. The stock jumped more than 50 per cent from its 52-week low of Rs 401.10. The stock has risen about 6 per cent in the last one month but is down 6 per cent on a year-to-date (YTD) basis.

Gurugram-based Sona Comstar is an automotive technology company, which primarily designs, manufactures, and supplies highly engineered, mission-critical automotive systems and components to automotive OEMs. It is a global supplier with manufacturing and assembly facilities, R&D centres and engineering capability centres in India, USA, Serbia, Mexico, and China.

Also read: Birla Opus: Grasim shares Rs 10K crore sales roadmap. Takeaways for Asian Paints, others