Electric vehicle stocks are expected to see a boost following the government’s announcement of plans to offer an 80% subsidy for the establishment of electric vehicle fast charging stations.
Electric vehicle stock – The Government of India is set to provide a subsidy of 80 percent or more on the necessary infrastructure for establishing electric public fast charging stations nationwide as part of the Rs. 2,000 crore PM Electric Drive Revolution in Innovative Vehicle Enhancement initiative.
As per the draft guidelines released by the Ministry of Heavy Industries (MHI), the subsidy will cover 48,400 fast chargers for electric two- and three-wheelers with an allocation of Rs. 581 crores, 22,100 for electric four-wheelers with Rs. 1,061 crores, and 1,800 for electric buses and trucks with Rs. 346 crores, totaling 72,300 fast chargers.
Under this program, 30 percent of the incentive will be provided after the tender award stage, 40 percent following the deployment of the electric fast charging station, and the remaining amount upon the successful commercial operation of the charging station.
Leading manufacturers and operators of Electric Vehicle Charging Infrastructure in India include Servotech Power Systems. Servotech Power Systems Limited specializes in providing comprehensive solutions for the manufacturing, procurement, and distribution of advanced solar products, medical devices, energy-efficient lighting solutions, and more.
Servotech Power Systems Limited has the capacity to produce approximately 60,000 AC EV Chargers and 12,000 DC EV chargers annually. The company boasts a robust supply chain network with a presence in over 600 cities across 21 Indian States.
With a market capitalization of Rs. 3,556 Crores, Servotech Power Systems Limited’s shares were trading at Rs. 159.50 per equity share, showing a 2 percent decrease from the previous day’s closing price of Rs. 162.72.
Exicom Tele-Systems Limited is a leading provider of power management solutions, specializing in designing, manufacturing, and servicing DC Power systems and Li-ion-based energy storage solutions. The company offers comprehensive energy management solutions for telecommunication sites in India and abroad, with over 4500 DC chargers installed at key locations. Some of its major clients include Hero Vida and Ather Energy.
Exicom Tele-Systems Limited has a market capitalization of Rs. 3,024 Crores, and its shares surged by 5 percent to Rs. 250.25 per equity share, up from the previous day’s closing price of Rs. 238.35.
HBL Engineering Limited is a prominent player in the battery and e-mobility industry, specializing in the design, development, manufacturing, and servicing of various types of batteries. The company offers a range of charging solutions, including DC Fast Chargers for electric vehicles with capacities up to 120 kW, focusing on speed, reliability, and flexibility.
With a market capitalization of Rs. 16,688 Crores, HBL Engineering Limited’s shares were trading at Rs. 602.05 per equity share, showing a slight decrease of 0.57 percent from the previous day’s closing price of Rs. 605.50.
Tata Power Company, a subsidiary of the renowned Tata Group, is India’s largest vertically integrated power company. The company is primarily engaged in the generation, transmission, and distribution of electricity, as well as manufacturing solar roofs and developing EV charging stations.
Tata Power Company Limited offers a complete solution for charging infrastructure development, ensuring an exceptional charging experience. They focus on providing lean, customized, and cost-effective design solutions, along with timely execution and comprehensive operation and maintenance services for their clients.
With a market capitalization of Rs. 1,20,272 Crores, Tata Power Company Limited’s shares were trading at Rs. 376.40 per equity share, a decrease of 0.66 percent from the previous day’s closing price of Rs. 378.90.
ABB India Limited is an integrated power equipment manufacturer that supplies a wide range of engineering products, solutions, and services in the areas of Automation and Power technology. They offer a comprehensive range of EV chargers, including fast and ultra-fast options that meet international standards. ABB India Limited plays a significant role in developing a robust charging network in India, supporting the growth of electric vehicles and environmental sustainability efforts.
With a market capitalization of Rs. 1,40,642 Crores, ABB India Limited’s shares were trading at Rs. 6,636.90 per equity share, a decrease of 1 percent from the previous day’s closing price of Rs. 6,704.50.
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Disclaimer: This blog post is for informational purposes only and should not be considered financial advice. Investors should conduct thorough research and consult with a qualified financial advisor before making any investment decisions.