Prime Minister Narendra Modi's efforts to make electric vehicles a reality on Indian roads received a boost from Suzuki Motor.
Prime Minister Narendra Modi's efforts to make electric vehicles a reality on Indian roads received a boost from Maruti's Japanese parent Suzuki Motor on Thursday.
The company announced fresh investments of around Rs 3,800 crore in Gujarat to add a third car production plant. Beside this, Suzuki along with its partners Toshiba and Denso will also invest around Rs 1,150 crore for a new unit to produce lithium ion batteries.
The three Japanese entities inked an agreement to form a joint venture to tap growing popularity for electric vehicles in India and supply lithium-ion battery packs in the country.
But as the government's efforts seem to bear fruits, the following companies' stocks might witness a surge in near future:
1. Maruti: As Maruti Suzuki will produce electric cars at its Gujarat factory, experts believe that the company's stocks will guarantee a huge return. It will also be the first commercially-available electric car for Suzuki.
2. Mahindra & Mahindra: Before Suzuki Motor made an announcement, Mahindra & Mahindra had already launched its electric cars in the Indian market and now investors are expecting the firm shares to ride over the positive wave that had been created in favour of battery operated transportation.
3.Ashok Leyland: The city-based heavy commercial vehicle maker last year introduced the first Made in India electric bus "Circuit." The bus is equipped with a minimum seating capacity of 35 to a maximum of 65 and can run upto 120 kilometres on a single recharge under standard test conditions.
The firm has now reportedly ramping up its electric vehicles production.
4. Steel making firms: As aluminium is the light weight material, companies may use it for manufacturing the vehicles, due to which firms like Nalco and Hindalco might witness an upsurge in key indices.
5. Battery makers: The uptick in the electric vehicles trend have potential to change the fortune of battery maker firms like Everyday and Exide Industries limited.
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