Shares of the mid-cap company RattanIndia Enterprises (NS: RTNI ) zoomed past 11% in a weak market on Friday. The stock ended 8.13% higher at Rs 53.85 apiece compared to the benchmark indices Nifty50 and Sensex closing marginally lower after a two-day rally on Friday.
RattanIndia Enterprises was the best performer on the broadest market index, the Nifty 500 .
Its shares rallied after the company announced that it will acquire 100% shareholding in the electric motorcycles manufacturer Revolt Motors. RattanIndia had earlier picked a 33.84% stake in the company with an open option to raise the holding.
This is the latest deal in the Indian electric vehicle industry as auto giants like Tata Motors (NS: TAMO ) and Mahindra & Mahindra (NS: MAHM ) are ramping up their EV efforts.
The company’s Chairperson Anjali Rattan believes that Revolt is the best EV bike in the world at present. She stated that the complete acquisition of Revolt Motors bolsters the company’s belief that the EV revolution in India is approaching faster than anticipated.
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October 08, 2022
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