The shares of Hindustan Motors Limited opened at Rs 17.95 on Wednesday which was a gap of 7.5 per cent from the previous close of Rs 16.70. Further, it inches by 2.5 per cent to hit an upper circuit at Rs 18.35.
The shares of the company soared after it announced that it has entered into a Memorandum of Understanding (MOU) to extend the Electric vehicle (EV) domain across the border to enhance the production of eco-friendly electric vehicles.
The stock saw heavy volumes on Wednesday. Around 5.79 lakh shares changed hands till the afternoon, amounting to a turnover of Rs 1.05 crore.
In the span of a month, the shares have gained approximately 14 per cent. The stock reached its 52-week high of Rs 26.75 in June this year. Currently, it is trading at a discount of 28 per cent from those levels.
Hindustan Motors, part of the Birla Technical Services conglomerate, is an Indian automotive manufacturer. The company is the manufacturer of the Ambassador and Landmaster motorcars, which are two of the most famous automobiles in India.
In Q2FY23, the company reported a total revenue of Rs 1.37 crore which was an increase from Rs 96 lakh in the same period the year earlier. In the quarter under review, the company reported a net loss of Rs 7 lakhs as against a profit of Rs 10.14 crore in Q2FY22.
The company has a market capitalization of Rs 382 crore as on November 23rd, 2022. The promoters hold a 32.34 per cent stake in the company and have pledged zero shares.
Written by Anoushka Roy
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