Sundram Fasteners Ltd. (SFL), a part of the TVS Group is planning to diversify into non-automotive space.

However, the company indicated that the entry into non-automotive space will also be in the manufacturing field.

Market experts believe that company's diversification into non-automotive space was largely aimed at insulating the company from the impact of cyclical trends in the automotive industry.

The company currently makes powder metallurgy parts, cold extruded components, shafts, water pumps and oil pumps for the automotive industry.

Ahead of positive announcements, the scrip of the company today settled the day at Rs 35 on BSE.