EV-Stock Jumps Over 7 Per Cent As Company Secures Government of India’s Approval for EMPS Scheme Incentives
The stock is up by 56 per cent from its 52-week low of Rs 112.50 per share.
Greaves Electric Mobility Private Limited (GEMPL), a subsidiary of Greaves Cotton Limited, has secured government approval for its electric two-wheeler models to be included in the Electric Mobility Promotion Scheme (EMPS). This development will provide a significant boost to the company's efforts to promote sustainable and affordable mobility in India.
The Ministry of Heavy Industries has registered GEMPL's Nexus, Primus, Magnus, and Zeal models under the EMPS scheme, making them eligible for the government's demand incentive scheme. This means that customers purchasing these electric two-wheelers will be eligible for government subsidies, making them more affordable for consumers.
Greaves Electric Mobility has been at the forefront of electric vehicle technology in India for over 16 years. With its comprehensive support from Greaves Cotton Limited's EV ecosystem, the company has established a strong presence in both the electric two-wheeler and three-wheeler segments. The Ampere brand, under GEMPL, is a rapidly growing e-scooter brand with a strong presence in both B2C and B2B segments.
The approval for EMPS incentives comes at a time when India is rapidly accelerating its transition to electric mobility. The government's support through schemes like EMPS is crucial in driving adoption and promoting cleaner, more sustainable transportation options. With this latest development, Greaves Electric Mobility is well-positioned to further expand its market share and contribute to India's electric mobility goals.
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About Greaves Cotton Limited
Greaves Cotton Limited (GCL), a diversified engineering conglomerate with a legacy spanning over 163 years, is a leading player in fuel-agnostic powertrain solutions, electric mobility and aftermarket services. Committed to customer-centricity and sustainability, GCL has acquired Excel Controlinkage Pvt Ltd to expand its offerings and expertise in emerging technologies. By leveraging its rich history and innovative approach, GCL aims to revolutionize the sustainable mobility landscape and positively impact the lives of a billion people by 2030.
On Monday, shares of Greaves Cotton Limited jumped 7.32 per cent to Rs 177.40 per share from its previous closing of Rs 165.30 per share. At the closing bell, shares of the company were trading at Rs 175.45 per share, up 6.14 per cent with a spurt in volume by more than 3.43 times on BSE. The stock is up by 56 per cent from its 52-week low of Rs 112.50 per share. Investors should keep an eye on this small-cap EV stock.
Disclaimer: The article is for informational purposes only and not investment advice.
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