Shares of this multibagger EV stock were in focus on Wednesday after the company inaugurated more than 5 dealerships across India. In the past six months, the company’s stock has gained more than 60 percent for the stakeholders.
EV to watch after company inaugurates more than 5 dealerships across India
With a market capitalization of Rs 11,248.91 crores, the stocks of RattanIndia Enterprises Limited opened their trading hour on Wednesday at Rs 83.92 and closed the session at Rs 81.38. The company’s scrip witnessed an intra-day high of Rs 84.49 exhibiting a gain of around 1.60 percent compared to the previous close of Rs 83.20 apiece.
In a recent regulatory filing with the Bombay Stock Exchange (BSE), the company announced that Revolt Motors, India’s largest electric motorcycle company and a subsidiary of RattanIndia Enterprises Limited, inaugurated five new dealerships making their network to an impressive 115 stores across India.
The new dealerships have opened in various Indian Indian states, viz, Bihar, Goa, Gujarat, Jharkhand, Madhya Pradesh, Maharashtra, and Rajasthan among others. The dealerships will provide various services encompassing sales, genuine spare parts availability, after-sales support, and technical assistance.
“This growth fills us with immense pride and fuels our vision for the future. We are excited about the possibilities these new dealerships bring. Our commitment remains steadfast as we aim to scale new heights in advancing urban mobility.”, commented Mrs. Anjali Rattan, Business Chairperson of RattanIndia Enterprises Limited, the parent company of Revolt Motors.
During the recent financial quarters, the company’s basic business parameters, viz, operating revenues as well as after-tax profits, showed positive movements with the former rising from Rs 1,394 crores during Q2FY24 to Rs 1,653 crores during Q3FY24 and the latter, keeping the timeframe the same, shifting up from Rs 140 crores to Rs 187 crores.
Keeping a purview of one year, the company’s stock delivered multibagger returns of around 108 percent to its stakeholders, i.e., if someone had invested Rs 1 lakh a year ago, it would have converted to Rs 2.08 lakhs.
Incorporated in 2010, RattanIndia Enterprises Limited is engaged in the business of E-commerce retail business in India. The company offers fashion apparel, such as fashion,
denim, casual wear, etc through online platforms. In addition, the company is involved in manufacturing drones as well as manufacturing of electric motor vehicles.
