Kinetic Engineering rose 4.92% to Rs 38.35 at 12:06 IST on BSE after the company said it plans to contribute to the Indian government's vision of promoting electric vehicles in India.
The announcement was made after trading hours yesterday, 22 July 2019.
Meanwhile, S&P BSE Sensex was up 36.05 points or 0.09% at 38,067.18.
On BSE, 2,337 shares were traded in Kinetic Engineering counter, compared to a 2-week average of 16,000 shares. The share price hit an intraday high of Rs 38.35 and an intraday low of Rs 38.25. It hit a 52-week high of Rs 65.85 on 8 August 2018 and a 52-week low of Rs 28.10 on 17 June 2019.
Shares of Kinetic Engineering fell 6.99% in the past three trading sessions to settle at Rs 36.55 yesterday, 22 July 2019, from its close of Rs 39.30 on 17 July 2019.
Kinetic Engineering (KEL) said it sees huge opportunities in providing a complete power train solution, and hence proposes to design, develop and manufacture 2-speed gear boxes, and complete rear axle assembly along with the motor and controller, which is ready to fit onto vehicles.
The company will provide complete power train solutions for 2, 3 and 4 wheeler electric vehicles including axles, gearboxes, motors and controllers. The company will also manufacture a complete retrofit kit for converting an internal combustion (IC) engine driven 3-wheeler to an electric 3-wheeler.
The kits will range from 1 KW to 10 KW and will be useful for scooters, mopeds, passenger and load carrying 3 wheelers and even trucks and buses. There is a great demand from existing vehicles using IC engines which have crossed their useful life, to be converted into electric vehicles and these kits can be used for the same. The rollout of the kits shall be in a phase wise manner starting with the 2 and 3 wheeler segment and will later be introduced for higher KW power trains. Currently, such kits are imported from abroad; mainly China and therefore development of such kits will be a pioneering initiative by Kinetic.
Kinetic Engineering reported a net loss of Rs 1.53 crore in Q4 March 2019 as compared to a net loss of Rs 1.37 crore in Q4 March 2018. Net sales surged 18.4% to Rs 33.09 crore in Q4 March 2019 over Q4 March 2018.
Kinetic Engineering is engaged in the manufacturing of auto components. The company manufactures transmission components such as gears, shafts and axles; engine components, such as crankshafts, cylinder heads and camshafts; complete gearbox, and engine assemblies for auto and non-auto products.
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