Jindal Worldwide to open a new electric vehicle manufacturing plant in Ahmedabad
Shares of Jindal Worldwide jumped about 100% in the last 6 months.
On January 10, 2023, the company informed in the exchange filing that Jindal Worldwide’s subsidiary - Jindal Mobilitric (JM) is setting up a state-of-the-art electric 2-wheeler manufacturing plant with a production capacity of 2.5 lakh vehicles annually at Ahmedabad. In addition, JM is also setting up an in-house fully Automated Battery Manufacturing Plant with a similar production capacity. The objective of setting up an in-house battery plant is to ensure the highest level of battery safety which will bring consumer trust in EV Products resulting in faster adoption of EVs in India.
With a global vision, the group wants to spread its EV wings by aiming for a presence all across the world. Along similar lines, JM forays into Nepal Market by finalizing its first overseas exclusive experience centre in Kathmandu. In addition, JM is glad to announce entry in 40 cities of 10 states of India with an Exclusive Dealership network now. JM is planning to Launch an Electric 2-Wheeler range of products in April 2023, targeting Premium, Executive and Mass Segment consumers and the first E-2W Teaser is out on JM's social media Platform.
Today, the stock opened at Rs 468.30 with a high and low of Rs 468.30 and Rs 454.55. The stock closed trading today at Rs 459.75, down by 0.15%.
In the last six months, the shares of the company have given about 100% returns and on a YTD basis, the stock has given 6.60 returns.
The stock has a 52-week high of Rs 477.00 and a 52-week low of Rs 198.40. The company has a ROCE of 19.2% and an ROE of 22.8%, with a market capitalisation of Rs 9,209 crore.
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