For the next two years, the Government of India has approved a new EV Subsidy Scheme named PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) worth Rs. 10,900 Crores, for the promotion of electric vehicles (EV) in India.
As per sources, the EV subsidy scheme will support 24.79 lakh electric two-wheelers, 3.16 lakh electric three-wheelers, and 14,028 electric buses with a total outlay of subsidies/demand incentives worth Rs 3,679 crores.
A special emphasis has been laid on building charging infrastructure, the scheme proposes the installation of 22,100 fast chargers for electric cars, 1800 fast chargers for electric buses, and 48,400 fast chargers for electric two- and three-wheelers with an outlay of Rs 2,000 crore.
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An outlay of Rs. 4,391 Crores has been provided for the procurement of 14,028 electric buses by state transport and public transport agencies.
To implement this, demand aggregation will be done by Convenience Energy Services Limited (CESL) in nine cities with a population of more than 40 lakh Delhi, Mumbai, Kolkata, Chennai, Ahmedabad, Surat, Bengaluru, Pune, and Hyderabad. Intercity and interstate e-buses will also be supported in consultation with states.
In Addition to the procurement of e-ambulances or hybrid ambulances, a capital of Rs 500 crore has been allocated. For incentivizing e-trucks, Rs. 500 Crores have been allocated and will be given to those who have a scrapping certificate from MoRTH approved vehicle scrapping centers (RVSF).
In view of the growing EV ecosystem in the country, the test agencies of MHI will be modernized to deal with the new and emerging technologies to promote green mobility. The upgradation of testing agencies with an outlay of Rs. 780 crore under the aegis of MHI has been approved.
Listed below are some of the Indian companies offering products and services to the EV Ecosystem
JBM Auto
JBM Auto Limited is an original equipment manufacturer engaged in the production of passenger buses, offering end-to-end solutions for various types of commercial and passenger vehicles, maintenance contracts for Buses, manufacturing, and selling sheet metal components, tools, dies & molds, including the sale of spare parts, and accessories.
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With a market capitalization of Rs. 23,644 Crores, the shares of JBM Auto Limited opened at Rs. 1,950 and made an intraday high of Rs. 2,090 per equity share by gaining upto 8 percent from its previous close of Rs. 1,931.50.
Olectra Greentech
Olectra Greentech Limited is primarily engaged in the manufacturing of composite polymer insulators and electrical buses. The Company operates through three segments, Insulator division, e-bus division, and e-truck division.
With a market capitalization of Rs. 13,356 Crores, the shares of Olectra Greentech Limited opened at Rs. 1,659.75 and made an intraday high of Rs. 1,699.30 per equity share by gaining upto 5 percent from its previous close of Rs. 1,616.45
Servotech Power Systems
Servotech Power Systems Limited is engaged in the business of providing end-to-end solutions for the manufacturing, procurement, and distribution of advanced solar products, medical devices, energy-efficient lighting solutions, and many more.
With a market capitalization of Rs. 3,493 Crores, the shares of Servotech Power Systems Limited were trading at Rs. 156.69, up 9.6 percent from its previous day’s close price of Rs. 142.99.
Exicom Tele-Systems
Exicom Tele-Systems Limited is a power management solutions provider that designs, manufactures, and services DC Power systems and Li-ion-based energy storage solutions. It provides overall energy management solutions at telecommunication sites in India and overseas. It has over 4500+ DC chargers successfully installed, across major key points some of its major clients are Hero Vida, Ather Energy, and many others.
With a market capitalization of Rs. 4,325 Crores, the shares of Exicom Tele-Systems Limited opened at Rs. 359.90 and made an intraday high of Rs. 364.65 per equity share by gaining upto 4 percent from its previous close of Rs. 350.75
Bajaj Auto
Bajaj Auto Limited is engaged in the business of developing, manufacturing, and distributing motorcycles, commercial vehicles, Electric Vehicles, and parts associated with it.
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With a market capitalization of Rs. 3,26,820 Crores, the shares of Bajaj Auto Limited opened at Rs. 11,519.65 and made an intraday high of Rs. 11,784.05 per equity share by gaining upto 3 percent from its previous close of Rs. 11,425.3
Tata Motors
Tata Motors Limited is a leading automobile manufacturer offering a wide and diverse portfolio of cars, sports utility vehicles, buses, trucks, and defence vehicles across its global presence.
With a market capitalization of Rs. 3,56,770 Crores, the shares of Tata Motors Limited opened at Rs. 976.50 and made an intraday high of Rs. 982.95 per equity share by gaining upto 1 percent from its previous close of Rs. 976.
Mahindra & Mahindra
Mahindra & Mahindra Limited is one of the most diversified automobile companies in India with a presence across 2-wheelers, 3-wheelers, PVs, CVs, tractors & earthmovers. It also has a presence across financial services, auto components, hospitality, infrastructure, retail, logistics, steel trading and processing, IT businesses, and others.
With a market capitalization of Rs. 3,33,944 Crores, the shares of Mahindra & Mahindra Limited opened at Rs. 2,679.60 and made an intraday high of Rs. 2,687.40 per equity share by gaining upto 1.5 percent from its previous close of Rs. 2,653.10.
Written by: Bharath K.S
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