Atul Auto shares trade higher than the 5 day but lower than the 10 day, 20-day, 50-day, 100-day, 150-day and 200 day moving averages. Shares of Bajaj Auto and Atul Auto rose up to 5% in the afternoon session on Tuesday after the Ministry of Heavy Industries (MHI) reinstated subsidies for electric three-wheelers under the PM E-Drive scheme.
The subsidies for electric three wheelers for FY25 had been exhausted. The ministry will now allocate more funds for three wheelers under the PM E-Drive scheme, said a report.
Reacting to the development, Bajaj Auto stock rose 2% to Rs 9700 against the previous close of Rs 9515.25 on BSE. Market cap of the firm stood at Rs 2.69 lakh crore.
The auto shares trade higher than the 5 day, 200 day but lower than the 10 day, 20-day, 50-day, 100-day and 150-day moving averages.
In a year, the stock has gained 72 per cent and risen 44 per cent in 2024. Total 3579 shares of the firm changed hands amounting to a turnover of Rs 3.44 crore on BSE.
On similar lines, shares of another electric three wheeler maker Atul Auto were stuck in the upper circuit of 5% in the afternoon session today.
The auto stock rose 5% to Rs 558.15 on BSE. Market cap of the firm climbed to Rs 1548.94 crore.
The auto shares trade higher than the 5 day but lower than the 10 day, 20-day, 50-day, 100-day, 150-day and 200 day moving averages. The stock has a RSI of 29.4 indicating it is trading in the oversold zone.
In a year, the stock has lost 9.71 per cent and lost 2.43 per cent in 2024. Total 0.14 lakh shares of the firm changed hands amounting to a turnover of Rs 75.52 crore on BSE.
On October 1 this year, the Modi government launched the PM E-DRIVE Scheme, with an outlay of Rs 10,900 crore for faster adoption of electric vehicles, setting up of charging infrastructure and development of EV manufacturing ecosystem in India.
The scheme will be implemented from October 1, 2024 to March 31, 2026.
Atul Auto is engaged in manufacturing and sales of auto rickshaws in domestic and overseas market.
Bajaj Auto is engaged in the business of development, manufacturing and distribution of automobiles such as motorcycles, commercial vehicles, electric vehicles etc. and parts thereof.