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EV stocks settle mostly higher after Budget announcement

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NewsDrum Desk
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New Delhi, Feb 1 (PTI) Shares of companies related to the electric vehicle segment ended mostly higher on Thursday after the announcement that the government will expand the electric vehicle ecosystem to support charging infra, and e-buses for public transport networks will be encouraged.

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JBM Auto climbed 2.48 per cent to settle at Rs 1,963.20 on the BSE. During the day, it jumped 4.96 per cent to hit its one-year peak of Rs 2,010.80.

Greaves Cotton advanced 0.95 per cent to settle at Rs 165.05 after rising 3 per cent to the day's high of Rs 168.55.

The stock of Olectra Greentech, however, declined 0.69 per cent to Rs 1,729 amid profit-taking. During the day, it jumped 6.21 per cent to reach its 52-week high of Rs 1,849.25.

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Benchmark equity indices ended lower on the Budget day as investors opted for profit-taking amid mixed cues. The 30-share BSE Sensex declined 106.81 points to 71,645.30, and the Nifty dipped 28.25 points to 21,697.45.

The government will expand the electric vehicle ecosystem by supporting charging and manufacturing infrastructure in the country, Finance Minister Nirmala Sitharaman said on Thursday.

Sitharaman, in her pre-election Budget, which is technically a vote on account and popularly termed an interim Budget, also noted that usage of electric buses for public transport networks will be encouraged.

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"Our government will expand and strengthen the e-vehicle ecosystem by supporting manufacturing and charging infrastructure," the finance minister said.

Greater adoption of e-buses for public transport networks will be encouraged through payment security mechanisms, she added.

Sitharaman also stated that the blending of compressed biogas into compressed natural gas for transport and piped natural gas will be mandatory.

"The backing of sustainable technologies, including electric vehicles and charging infrastructure, bodes well for a cleaner future. In all, the budget is expected to lead to a sustained growth of the economy," said Subahoo Chordia, President & Head - Real Assets, Edelweiss Alternatives. PTI SUM SGC HVA

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