Electric Vehicle Stocks Climb 8%, Ather Hits 52-Week High Over Modi’s Appeal To Use EVs
· Free Press Journal
While the benchmark indices traded deep in the red on Monday, one sector saw a strong surge on the bourses.
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The stocks of electric vehicle manufacturers traded at a premium of up to 8 percent. The rally came after Prime Minister Narendra Modi appealed to citizens to use electric vehicles to reduce fuel consumption amid elevated crude oil prices caused by the West Asia war.
The stocks of electric scooter companies Ather and Ola Electric, along with electric bus manufacturers JBM Auto and Olectra Greentech, surged on Monday.
Sensex Falls 943 Points, Nifty Drops 23,897 As Brent Crude Surges To $105.76The stock of Ather Energy climbed over 8 percent. It opened 0.95 percent higher on Monday at Rs 923.70 compared to the previous close of Rs 915 apiece. The stock further climbed 8.1 percent to Rs 989.40, which is its 52-week high.
The stock of Ola Electric also increased by up to 4.5 percent to Rs 37.70 compared to the previous close of Rs 36.08 apiece. Ola is the only company in India that also manufactures cells for its vehicles.
The stock of electric bus manufacturer Olectra Greentech also climbed up to 4 percent during the day. It opened 2.3 percent higher at Rs 1,371.85 compared to the previous close of Rs 1,340.60 apiece.
During trade, it further increased by 4 percent to Rs 1,395.50 apiece.
High Speed Rail Network On India's Busiest Routes May Kill Aviation, Warns VaishnawSimilarly, the stock of JBM Auto also traded at a premium of 7.3 percent on Monday. It opened 1.5 percent higher at Rs 659.90 compared to the previous close of Rs 649.95 apiece. The scrip further climbed to Rs 697.80, which was 7.3 percent higher than Friday’s closing price.
The rally in these stocks came after PM Modi asked citizens to use electric vehicles as part of efforts to reduce fuel consumption. “People with electric vehicles should try to use them as much as possible,” he said on Sunday.