Railway stock engaged in manufacturing metal fabrication, railway wagons, wagon components, castings, and many more jumped 4 percent in the day’s trade upon receiving ARAI approval to manufacture Battery Operated Light Commercial Vehicles.
With a market capitalization of Rs. 24,020 Crores, the shares of Jupiter Wagons Limited were trading at Rs. 583.15 per equity share, up 2.97 percent from its previous day’s close price of Rs. 566.35.
Jupiter Wagons Limited has announced that its subsidiary Jupiter Electric Mobility Private Limited (JEM) has received ARAI approval from the Automotive Research Association of India vide Certificate No. AATB 0182 dated May 29, 2024, for compliance with the Central Motor Vehicles Rules.
Following ARAI approval Jupiter Electric Mobility Private Limited is now equipped to start the commercial production of Battery Operated Light Commercial Vehicles with a payload of 1 ton under the Brand Name JEM TEZ.
Jupiter Wagons Limited is engaged in the business of manufacturing metal fabrication, railway wagons, wagon components, castings, and many more comprising load bodies for commercial vehicles, rail freight wagons, and components.
As of Q4FY24 Jupiter Wagons has an order book of Rs. 7,101.66 Crores, which consists of Railway Wagons, CMS Crossing, Commercial Vehicle Bodies & Components, Containers, Hubs, Brake Disc Assemblies, and others.
Its Revenue from operations grew by 56.38 percent from Rs. 711.7 Crores in Q4FY23 to Rs. 1,112.93 Crores in Q4FY24, accompanied by profits of Rs. 40.78 Crores to Rs. 104.22 Crores.
In Addition, Jupiter Wagons Limited’s Board Of Directors has also approved the Raising of Funds aggregating to Rs. 1,000 Crores through Qualified Institutions Placement (QIP) through public/private offerings of equity shares or any other convertible securities, in one or more tranches.
Written by: Bharath K.S
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