Multibagger stock Alert: This EV stock signs MOU with IOCL for deploying 500 plus EV charging points
This EV stock has surged over 51.97 per cent in the past year, and a whopping 358.10 per cent over the past 3 years
Today, Tata Power Ltd shares soared 3.11 per cent to Rs 333.50, 2023, following news of their strategic collaboration with Indian Oil Corporation Limited to deploy 500+ fast and ultra-fast EV charging points across India. Recently, Tata Power achieved a new 52-week high of Rs 335.80 on December 8, 2023, highlighting the strong investor confidence in the company's strategic direction in the rapidly growing electric vehicle market.
In a move that's sure to accelerate India's electric vehicle (EV) revolution, Tata Power EV Charging Solutions Limited and Indian Oil Corporation Limited (IOCL) have joined forces to deploy a massive network of 500+ fast and ultra-fast EV charging points across the country. This strategic partnership is poised to electrify the landscape, offering EV owners a seamless and convenient charging experience.
Strategic Synergy Spurs Growth:
This collaboration represents a potent synergy between two industry giants. Tata Power, a leading EV charging solutions provider with a 60 per cent market share, brings its expertise and extensive network of over 62,000 home chargers, 4,900 public chargers, and 430 bus charging stations. IOCL, India's largest oil and gas company with over 6,000 existing EV charging stations, boasts an unmatched retail presence.
Building a Robust Charging Infrastructure:
This alliance will see Tata Power install EV charging points across major cities and highways, including Mumbai, Delhi, Bengaluru, and the Golden Quadrilateral. This strategic placement not only addresses range anxiety concerns but also fosters a more inclusive and accessible EV ecosystem.
Leveraging Technology for a Seamless Experience:
The partnership goes beyond mere infrastructure development. EV users will benefit from dual charging applications – Tata Power's 'EZ Charge' and IOCL's 'e-Charge'. These user-friendly apps allow for easy location and booking of chargers, ensuring a smooth and hassle-free experience.
Commitment to Sustainable Mobility:
This initiative reflects both companies' unwavering commitment to promoting sustainable and eco-friendly mobility solutions. With IOCL aiming for 10,000 EV charging stations by 2024, this partnership serves as a critical step towards a cleaner and greener future.
Financial Implications:
This collaboration presents a lucrative opportunity for both companies. Tata Power stands to further solidify its market leadership and expand its lucrative EV charging business. IOCL, on the other hand, can leverage its vast retail network to become a frontrunner in the burgeoning EV charging market. This strategic partnership holds immense potential to unlock significant financial gains for both entities.
The Tata Power-IOCL collaboration is a landmark move that's poised to revolutionize the Indian EV landscape. With its focus on building a robust charging infrastructure and leveraging technology for a seamless experience, this partnership represents a giant leap forward in the journey towards a sustainable future. This strategic alliance not only benefits EV owners and the environment but also presents a compelling financial opportunity for both companies, making it a true win-win scenario.
This EV stock has surged over 51.97 per cent in the past year, and a whopping 358.10 per cent over the past 3 years. Investors should keep this stock on their radar.
Disclaimer: The article is for informational purposes only and not investment advice.
DSIJ’s 'multibagger Pick’ service recommends well researched multibagger stocks with High Returns potential. If this interests you, do download the service details here.
Related articles
-
Multibagger EV stock alert: Tata stock receives CMVR certificate for hydrogen fuel cell electric bus model; do you hold ?
-
Multibagger EV stock under Rs 70; Board announces Rs 49,00,00,000 worth rights issue!
-
Multibagger EV-charger manufacturing company enters strategic partnership with Hubject; Aims to fuel further growth in India’s booming EV market
-
Rs 16,252 crore order book: TATA Group-multibagger power company strengthens its nationwide e-bus charging network with high-capacity fast charging points
-
Promoters will receive Rs 66,53,635 as final dividend: Multibagger solar product and EV chargers manufacturing stock at Rs 91 gains over 8 per cent in just 1 day with high volume!
-
Pump & Dump: After bagging an order of USD 1.29 billion order from Beulah International, Promoter of this EV manufacturing company sold 67,12,785 shares!
-
Multibagger penny stock at Rs 62.71: This EV manufacturing company receives USD 1.29 billion order from Beulah International Development Corporation
-
Multibagger solar product and EV chargers manufacturing stock at Rs 79.40 – Board announces final dividend!
-
Multibagger solar product and EV chargers manufacturing stock at Rs 85 - Company signs MoU with 3ECO; details inside!
-
An FII-Eminence Global Fund PCC is allotted 15,00,000 equity shares on conversion of warrants of this solar product and EV chargers manufacturing company!
-
This EV infra company unveils India’s fastest DC charger, engineered to streamline the EV charging experience, stock rallied around 10 per cent today!
-
Rs 16,252 crore order book: TATA Group-multibagger power generation company announces reports highest ever PAT of Rs 4,280 crore for FY24
-
Rs 13,385 crore order book: This multibagger power generation company Signs PPA with SJVN from renewable energy project; details inside!
-
Multibagger EV-stock under Rs 100: This company becomes the first to get state approval from Government of NCT of Delhi for E-Rickshaw- Passenger
-
Rs 15,885 crore order book: This multibagger power generation company partners with Indian Bank; details inside!
-
Multibagger EV-charger manufacturing company joins Bengal Pro T20 League as franchise team owner – details inside!
-
Multibagger EV stock at Rs 85.5 hit upper circuit as it partners with Electra EV to create India’s first fast charging interoperability solutions!
-
Multibagger EV stock at Rs 78.1 & promoters increase stake: This EV charger infra company gears up for growth; announces strategic equity dilution at a pre-money valuation of Rs 200 crore!
-
This multibagger stock option zoomed 420 per cent in a day; the stock price hit fresh 52-week high!
-
Promoters bought 42,50,000 shares of this multibagger EV stock: Company advances into India's EV charging industry with in-house components manufacturing; details inside!