Synopsis: EV stocks including JBM Auto, Ather Energy, and Ola Electric Mobility, surged up to 7% after PM Modi encouraged higher EV adoption and fuel conservation amid rising crude oil prices and the ongoing West Asia crisis.
Electric vehicle companies shares witnessed strong buying interest during Monday’s trading session, with several EV-related stocks gaining up to 7% intraday. Investor sentiment turned positive after fresh remarks from Prime Minister Narendra Modi promoting fuel conservation and higher adoption of electric vehicles.
The rally came amid concerns over rising crude oil prices and the ongoing West Asia crisis, which have increased pressure on India’s foreign exchange reserves and current account deficit. Market participants expect the government’s push towards cleaner mobility and reduced fuel dependency to support long-term growth in the EV sector.
Stocks movement
With a market capitalisation of Rs. 16,113 cr, the shares of JBM Auto Ltd were trading at Rs. 681.35 per share, increasing 7% in today’s market session, making a high of Rs. 697.80, up from its previous close of Rs. 649.95 per share.
With a market capitalisation of Rs. 36,545 cr, the shares ofAther Energy Ltd were trading at Rs. 955 per share, jumping 6% in today’s market session, making a high of Rs. 966.45, up from its previous close of Rs. 915 per share.
With a market capitalisation of Rs. 11,348 cr, the shares of Olectra Greentech Ltd were trading at Rs. 1382.65 per share, jumping 4% in today’s market session, making a high of Rs. 1,395.50, up from its previous close of Rs. 1,340.60 per share.
With a market capitalisation of Rs. 36,545 cr, the shares of Ola Electric Mobility Ltd were trading at Rs. 36.96 per share, jumping over 4% in today’s market session, making a high of Rs. 37.70, up from its previous close of Rs. 36.08 per share.
What’s the News
Shares of electric vehicle (EV) manufacturers witnessed strong buying interest during Monday’s trading session after Prime Minister Narendra Modi urged citizens to reduce fuel consumption and increase the usage of electric vehicles amid the ongoing West Asia crisis.
The Prime Minister highlighted the need to conserve foreign exchange reserves as rising crude oil prices and global uncertainties continue to pressure India’s current account deficit and currency.
While addressing a rally in Telangana, PM Modi advised citizens to minimise the use of petrol, diesel, and gas wherever possible. He encouraged the adoption of metro rail services, carpooling, railway parcel transport, work-from-home arrangements, and greater use of EVs to reduce dependence on imported petroleum products. He stated that limiting fuel consumption would help India save foreign exchange and reduce the economic impact of global conflicts.
Following these comments, investor sentiment turned positive towards EV-related companies, with market participants expecting stronger demand and policy support for the electric mobility sector. Stocks across both the two-wheeler and commercial EV segments gained during the session as investors anticipated increased EV adoption in the coming years.
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