Shares of RatanIndia Enterprises were seen trading strongly on Wednesday after the company’s electric vehicle (EV) subsidiary Revolt Motors announced strong sales performance for November 2024. Shares of the company hit an intraday high of Rs 74.27, up 8.44% and were last seen trading at Rs 72.65, up 6.07%.
Tremendous increase in sales of Revolt Motors
Revolt Motors sold 1,994 electric motorcycles in November 2024, marking a year-on-year (YoY) growth of 197% and month-on-month (MoM) growth of 109%. Last year, in November 2023, this figure was 671 units, while in October 2024, 952 units were sold.
The performance comes at a time when the electric two-wheeler (E2W) industry has faced an average sales decline of 18-20%, according to the Indian government’s vehicle portal.
Attraction increased with the launch of RV1 and RV1+
This jump in Revolt’s sales is mainly due to the company’s new and affordable electric motorcycles RV1 and RV1+. These models have been designed keeping in mind the needs of Indian consumers.
Commenting on the achievement, Anjali Ratan, Chairperson, RatanIndia Enterprises, said,
“The November performance reflects the strength of our products and consumer confidence in the Revolt brand. We are committed to delivering innovative, reliable and sustainable mobility solutions.”
He also said that the company is all set to lead the electric mobility revolution in India and the global market.
Expansion in dealership network
Currently, Revolt Motors has 154 dealerships across the country. There are plans to add 14 new dealerships by December 2024, which will further strengthen the company’s network.
RatanIndia’s performance in stock market
RatanIndia shares witnessed high volumes on BSE on Wednesday.
11.80 lakh shares were traded, several times higher than the two-week average volume of 3.50 lakh.
The market capitalization of the company reached Rs 9,992.43 crore.
As of September 2024, the promoters’ stake stood at 74.86%.
Disclaimer: This information is for informational purposes only and should not be construed as investment advice. It is recommended to consult a financial advisor before making investment decisions.