Rattanindia Enterprises hit an upper-circuit of 5% at Rs 55.40 after the Rajasthan government announced incentives for adoption of electric vehicles in the state.
RattanIndia's RevoltMotors, India's market leader in electric motorbikes, welcomed the Rajasthan Electric Vehicle Policy 2021 announced by the state.In the backdrop of other states recently coming up with incentives for adoption of electric vehicles, Rajasthan alsoannounced its EV policy whereby customers of electric two wheelers will get incentives based on battery capacity of vehicle. With battery capacity of 3.24KWh these incentives for Revolt bikes work out to Rs 10,690 per bike. This includes refund of State GST amounting to 2.5% of the vehicle cost.
These incentives are over and above the FAME II incentives of for EV manufacturers recently announced by the Central Government which amounts to Rs 48,000 per bike in case of Revolt. Combining these incentives it would mean incentives of atleast Rs 58,690 per bike sold by Revolt in Rajasthan. While Rs 48,000 will be paid directly by Central Government to Revolt, Rs 10,690 will be paid directly into the bank account of the customer.
The implementation of Rajasthan Electric Vehicle Policy 2021 will make EV motorcycles more affordable and accessible to consumers in the state. More than 20 states are currently in the process of coming out with their EV incentive policies. These incentives by Rajasthan follows suit on incentives by various state governments to encourage EV adoption in their states.
On a consolidated basis, RattanIndia Enterprises reported a net loss of Rs 0.22 crore in Q4 March 2021 compared with net loss of Rs 157.18 crore in Q4 March 2020. Net sales stood at Rs 0.10 crore in Q4 March 2021.
RattanIndia Enterprises is the flagship company of Rattanindia Group for its new age growth businesses. The company has forayed into electric mobility space through Revolt Motors to democratize clean commute using next-gen mobility solutions. The company is completely focused on providing world class electric mobility products which are affordable and accessible to every Indian.
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The scrip hit an all-time high at Rs 55.40 in early trade today.
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