EV stocks rise after Union Budget eyes expansion of electric mobility ecosystem

Shares of electric vehicle manufacturers rose up to 5 percent after Finance Minister Nirmala Sitharam highlighted the government's plan to expand the EV ecosystem in the country.

"We will expand the EV ecosystem by encouraging the adoption of electric mobility in the public transport sector", the minister said while delivering the interim Budget on February 1.

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At 12:10 pm, shares of JBM Auto, a bus manufacturing company, hit a new 52-week high of Rs 2,010, higher by 5 percent post the announcement. Meanwhile, the shares of Olectra Greentech also scaled a new 52-week high of Rs 1,849, up 6 percent from the previous close.

Furthermore, companies involved in the charging space also gained after the announcement. Servotech Power Systems soared 5 percent to Rs 95 on the exchanges, while Samvardhana Motherson International gained a percent higher to Rs 116.

Given the lack of announcements regarding EV batteries, companies involved in the sector traded in red. Amara Raja Batteries share price slipped over a percent lower to Rs 878, while Exide Industries was trading 2 percent lower at Rs 329. Bosch shares remained flat, up a marginal 0.2 percent on the exchanges.Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.