Electric Vehicle Stocks in which FIIs increased their stake up to 3.62 % in Q2FY24 from Q1FY24.
The Indian government has planned to achieve 30 percent electrification of total mobility by 2030 with the growing interest of the end users across the EV segments. So the government is encouraging the use of electric vehicles in the infrastructure, energy, and mobility sectors through PLI schemes.
According to Ernst & Young, India’s electric car industry received $6 billion in investments in 2021 and is expected to get $20 billion by 2030.
Foreign Institutional Investors (FIIs) are investors from outside the country who invest in a specific country’s stock market and are regarded as market drivers. FII investment can drive the market in any direction and their investments provide proper insights into overall market sentiments.
Here are three Electric Vehicle Stocks in which FIIs increased their stake up to 3.62% in Q2FY24 from Q1FY24.
Himadri Speciality Chemical Ltd.
Himadri Chemicals & Industries Ltd (HCIL) manufactures coal tar by-products and their derivatives. The company is the first and only Indian producer to commercially produce the Li-ion battery Anode material in India.
On Wednesday, shares of Himadri Speciality Chemical Ltd closed at Rs 243.13, up 1.82 percent from the previous close price, with a market value of Rs 10,696 crores.
Foreign institutional investors increased their stake in the company by 2.16 percent,i.e., from 2.96 percent in Q1FY24 to 5.12 percent in Q2FY24. As of the September quarter of FY 23-24, the promoters hold a 44.86 percent stake, while retail investors hold a 49.53 percent stake in the company.
The stock has gained 128 percent in the last six months and 139 percent in the previous year.
Himadri Speciality Chemical Ltd’s operational revenue has declined by 5 percent yearly, from Rs 1,058 crore in Q1FY23 to Rs 1,004 crore in Q1FY24. During the same period, net profit rose by 185 percent, from Rs 35 crore to Rs 100 crore.
Ashok Leyland Ltd.
Ashok Leyland Ltd shares were trading at Rs 165.10 on Wednesday, down 1.55 percent from the previous close price, with a market capitalization of Rs 48,475 crores.
Foreign institutional Investors have increased their stake in the company by 3.62 percent,i.e., from 16.59 percent in Q1FY24 to 20.21 percent in Q2FY24. As of the September quarter of FY 23-24, Domestic Institutional Investors hold a 16.58 percent stake, while retail investors hold an 11.66 percent stake in the company.
The stock has gained 15 percent in the last six months and 10 percent in the last year.
Ashok Leyland Ltd’s operational revenue has increased by 34 percent yearly, from Rs 7,222 crore in Q1FY23 to Rs 9,691 crore in Q1FY24. During the same period, net profit increased by 766 percent, from Rs 68 crore to Rs 582 crore.
Ashok Leyland Ltd is a manufacturer of medium and heavy commercial vehicles. It is one of the most fully-integrated manufacturing companies, with a presence in 50 countries.
Sona BLW Precision Forgings Ltd.
Sona BLW Precision Forgings shares closed at Rs 542.55 on Wednesday, up 0.19 percent from the previous close price, with a market capitalization of Rs 32,817 crores.
Foreign institutional Investors increased their stake in the company by 1.67 percent,i.e., from 31.68 percent in Q1FY24 to 33.35 percent in Q2FY24. As of the September quarter of FY 23-24, Domestic Institutional Investors hold a 27.5 percent stake, while retail investors hold a 9.39 percent stake in the company.
The stock has gained 11 percent in the last six months and 15 percent in the previous year.
The company’s operational revenue has increased by 19 percent yearly, from Rs 603 crore in Q2FY23 to Rs 719 crore in Q2FY24. During the same period, net profit increased by 57 percent, from Rs 83 crore to Rs 130 crore.
Recently, Sona BLW Precision Forgings Ltd has signed a technology licensing agreement with Equipmake, a UK-based technology company that has developed high-performance electric powertrains.
Sona BLW Precision Forgings is engaged in the business of designing, manufacturing and supplying engineered automotive systems and components.
Written by Omkar Chitnis
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