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EV stocks jump more than 5% after Govt restores subsidies for electric three-wheelers

On November 19, the Ministry of Heavy Industries reinstated subsidies for electric three-wheelers, prioritizing those with advanced battery technology for commercial use. This could boost stocks in the electric vehicle sector.
EV stocks surge over 5% as government reinstates subsidies for electric three-wheelers.

Introduction:

The Ministry of Heavy Industries, on November 19, reinstated subsidies for electric three-wheelers under the PM E-Drive scheme after the initial funds for FY25 were exhausted. The government allocated additional funds to incentivize the purchase of approximately 3.2 lakh electric three-wheelers.

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This initiative primarily targets three-wheelers equipped with advanced battery technology, emphasizing their use in the commercial sector. The goal is to promote the adoption of electric vehicles, supporting India’s transition towards more sustainable transportation solutions.

As a result of this development, certain stocks in the electric vehicle sector may see positive movement. The government’s renewed focus on electric three-wheelers could provide significant growth opportunities for companies involved in their production.

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Atul Auto Ltd

On November 19, 2024, Atul Auto Ltd. opened at ₹532.15, marking a 0.10% increase from its previous close of ₹531.60. The stock reached an intraday high of ₹558.15, up 4.99%, and an intraday low of ₹532.15.  

By 14:39, it was trading at ₹558.15, reflecting a 4.99% increase. The market capitalization for the day stood at ₹1,548.94 crore.

Atul Auto Ltd (NSE:ATULAUTO), established in 1986, is an Indian manufacturer of three-wheelers and commercial vehicles. The company is recognized for its durable and fuel-efficient vehicles. With a strong presence in the domestic market, Atul Auto continues to expand its portfolio, focusing on innovation and customer satisfaction.

Bajaj Auto Ltd

On November 19, 2024, Bajaj Auto Ltd. opened at ₹9594.95, showing a 0.84% increase from its previous close of ₹9515.25. The stock reached an intraday high of ₹9700.00, up 1.47%, and an intraday low of ₹9527.50.  

By 14:40, it was trading at ₹9655.00, reflecting a 1.47% increase. The market capitalization for the day stood at ₹2,69,623.22 crore.

Bajaj Auto Ltd (NSE:BAJAJ-AUTO), founded in 1945, is a prominent player in the global automotive industry, specializing in the production of motorcycles, scooters, and three-wheelers. The company is known for its iconic brands like Pulsar, and it has expanded its reach to over 70 countries, strengthening its global presence.

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TVS Motor Company Ltd

On November 19, 2024, TVS Motor Company Ltd. opened at ₹2439.95, marking a 1.1% increase from its previous close of ₹2413.50. The stock reached an intraday high of ₹2470.05, up 1.51%, and an intraday low of ₹2414.35.  

By 14:41, it was trading at ₹2450.00, reflecting a 1.51% increase. The market capitalization for the day stood at ₹1,16,396.34 crore.

TVS Motor Company Ltd (NSE:TVSMOTOR) is one of India’s leading two-wheeler and three-wheeler manufacturers. Established in 1978, it offers a wide range of motorcycles, scooters, and electric vehicles. Known for innovation and quality, TVS Motor has a significant presence both in domestic and international markets.

Disclaimer: The above article is written for educational purposes, and the companies’ data mentioned in the article may change with respect to time The securities quoted are exemplary and are not recommendatory.

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