Stocks in focus: Ashok Leyland and ABB Power Products & Systems India gain on MoU
Ashok Leyland has teamed up with Hitachi ABB Power Grids listed as ABB Power Products & Systems India Ltd along with Indian Institute of Technology Madras (IITM) for an e-mobility pilot.
The e-bus pilot is for sustainable in-campus commuting by IITM’s students and staff. For this, Hitachi ABB Power Grids’ innovative flash-charging technology i.e. Grid-eMotion Flash will be used to provide Ashok Leyland while IITM would host the infrastructure required to operate the flash-charging system for the e-bus.
This partnership between the three is an encouraging step towards e-mobility.
In another press release, Ashok Leyland also announced to rename its majority-owned UK subsidiary-Optare Group Ltd to Switch Mobility Ltd as a part of Ashok Leyland’s drive towards electrification and new mobility services. To benefit from the growing opportunities in the global LCV & Bus EV market, Ashok Leyland is considering bringing its entire electric vehicles (EV) initiatives under Switch Mobility that could also include financial participation and strategic tie-ups.
On Friday, the stock of Ashok Leyland gained by around 5 per cent intraday and later closed at Rs 92.10 per share, up by 3.60 per cent or Rs 3.20 per share. The 52-week high is Rs 97.80 and the 52-week low is Rs 33.70 on BSE.
ABB Power Products & Systems India closed at Rs 1,145.80 per share, up by 8.89 per cent or Rs 93.50 per share.