EV stocks catch speed after government introduces new scheme to promote e-mobility in country
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Stocks of electric vehicle companies were riding high on the BSE, as the heavy industries ministry has introduced a ‘Electric Mobility Promotion Scheme 2024 (EMPS 2024) to further accelerate the adoption of electric vehicle (EV) in the country. This is a fund limited scheme with a total outlay of Rs 500 crore for the period of 4 months, with effect from April 1, 2024 till July 31, 2024, for faster adoption of electric two-wheeler (e-2W) and three-wheeler (e-3W) to provide further impetus to the green mobility and development of electric vehicle (EV) manufacturing eco-system in the country.
Wardwizard Innovations & Mobility is currently trading at Rs. 60.56, up by 5.50 points or 9.99% from its previous closing of Rs. 55.06 on the BSE.
Greaves Cotton is currently trading at Rs. 130.10, up by 4.85 points or 3.87% from its previous closing of Rs. 125.25 on the BSE.
Hero MotoCorp is currently trading at Rs. 4636.55, up by 121.85 points or 2.70% from its previous closing of Rs. 4514.70 on the BSE.
Under the scheme, a support of up to Rs 10,000 per 2-wheeler will be provided. The aim is to provide support for about 3.3 lakh 2-wheelers. A support of up to Rs 25,000 will be given for purchase of small three-wheelers (e-rickshaw and e-carts). More than 41,000 such vehicles will be provided the incentive under the scheme.
The financial support will be up to Rs 50,000 on purchase of a large three-wheeler. Subsidies under the second phase of the FAME scheme will be eligible for e-vehicles sold till March 31, 2024, or till the time funds are available.
