Shares of Atul Auto fell 4.43 percent to ₹343 apiece in Friday's trading session, snapping a 6-day winning streak. The stock began to rise on January 12 and continued to rise over the next five days, climbing from ₹282.15 to ₹360 level, resulting in a 27.65 percent return.
The stock witnessed a strong spike after the company forayed into the electric vehicle space by launching two models at the 2023 Auto Expo.
Atul Greentech Private Ltd. (AGPL), a subsidiary of Atul Auto, launched Mobili, a passenger vehicle, and its cargo variant, Atul Energie. Both Mobili and Energie are built with industry-leading technology, telematics, and battery management systems (BMS), the company said.
Manufactured under the Make in India initiative, the new cargo and passenger variants of electric three-wheelers will be launched across the country, starting from Punjab, Gujarat, and NCR, the company added.
"With our new electric additions, we aim to be technology leaders and provide intelligent, data-driven last-mile connectivity. Our advanced processes and infrastructure are the backbone of our business and empower us to create and deliver world-class products," said Director Vijay Kedia.
"We understand the specific needs of Indian auto drivers and have designed Atul Mobili and Atul Energie in-house based on extensive customer feedback and environmental concerns. With a focus on improving the range and performance of three-wheelers on Indian roads, both variants are built to provide optimum value for customers and a competitive total cost of ownership," said Divya Chandra, Director at Atul GreenTech.
After hitting a 52-week low of ₹146.5 apiece, the stock nearly experienced a one-way spike, skyrocketing 151.80 percent to hit a one-year high of ₹368.9. Over the last six months, the stock has produced a stunning return of 97 percent.
Out of the last six months, the stock ended in the green for four months, with October having the largest monthly gain of 52.79 percent. At the current market price, the stock is trading 134 percent higher than its one-year low.
Atul Auto's December sales increased by 27.8 percent year on year to 2,151 units. The company recorded sales of 2,253 units in November. For April-December, the company's sales were at 18,065 units, up 57.1 percent from the corresponding period a year ago.
The promoters own 52.7 percent of the shares in the company, while foreign portfolio investors and domestic institutional investors each own 0.7 percent. Regular shareholders own 46 percent, Trendlyne data showed.
Atul Auto is a prominent three-wheeler manufacturer based out of Gujarat with a broad-based presence across segments and fuel types. The company has a presence in 21 states with 200 primary and 130 secondary networks.
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