Exide Industries, which had closed yesterday at Rs.183.75 and rose to an intraday high at Rs.185.05. Amara Raja is also up in the green, opening at Rs.740 and rising up to Rs.743.
The stock price of these two battery makers are up following the incentives announced yesterday by the Maharashtra Govt for Electric Vehicles (EVs).
The state is aiming for electric vehicles (EVs) to make up 10% of all new vehicle registrations – around three lakh vehicles a year – in the state by 2025 and has rolled out a Rs 930 crore policy that’s valid till 31 March 2025.
It has sops like exemption from road tax and registration charges, increased subsidy- Two-wheelers with a battery capacity of up to 3 kWh will be eligible for a total incentive of Rs 25,000 in 2021, which drops to Rs 10,000 starting January 2022.
Among many other things, the government has made it mandatory for all upcoming property projects to have dedicated, EV-ready parking spaces to the tune of 20% in residential apartments, 25% in institutional and commercial complexes and 100% in government offices.