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Stock Report
Revolt Motors secures approval for EV subsidy from Govt. of India
Posted On : 2024-07-31 11:34:06( TIMEZONE : IST )
Revolt Motors, India's number one electric motorcycle company, has received official approval from the Ministry of Heavy Industries to be eligible for Govt. of India's EV subsidy schemes. As communicated earlier, Revolt Motors, as a responsible corporate citizen, had proactively paid back the past availed subsidies under FAME-II subsidy regime. With this step, all past issues related to FAME II subsidies stand fully resolved.
This is a significant step for the company since it not only makes Revolt Motors eligible for the current ongoing Electric Mobility Promotion Scheme (EMPS) 2024 subsidy for electric two wheelers but also the subsequent FAME III subsidy scheme which is expected to follow EMPS. The current scheme, EMPS was extended by Govt. of India till 30th September 2024 last week.
As part of current EMPS 2024 subsidy scheme Revolt Motors will be eligible for Rs. 10,000 per motorcycle as subsidy from Govt. of India. This will make Revolt motorcycles competitively priced in the market further boosting both the sales and profitability of the company in a big way. With this approval, Revolt Motors joins a select group of manufacturers dedicated to driving the nation towards a greener and more energy-efficient future.
"We are thrilled and honoured to have received this approval from the Ministry of Heavy Industries," said Ms. Anjali Rattan, Co-Chairperson of RattanIndia Enterprises Ltd., the parent company of Revolt Motors. "This endorsement is a testament to our relentless efforts towards Make in India program with its 100% made in India electric motorcycles. Revolt Motors has an unwavering commitment to provide environmentally-friendly transportation solutions accessible to all Indians."
Shares of RattanIndia Enterprises Limited was last trading in BSE at Rs. 79.81 as compared to the previous close of Rs. 76.51. The total number of shares traded during the day was 655402 in over 5063 trades.
The stock hit an intraday high of Rs. 82.34 and intraday low of 76.89. The net turnover during the day was Rs. 52644195.00.
