Rattanindia Enterprises shares picked up pace in Wednesday's trade after its wholly-owned electric vehicle (EV) subsidiary -- Revolt Motors -- posted stellar sale figures for the month of November this year. The stock surged 8.44 per cent to hit a day high of Rs 74.27. It was last seen trading 6.07 per cent up at Rs 72.65. At this price, the scrip has slipped 4.86 per cent on a year-to-date (YTD) basis.
The company said Revolt Motors has reported an impressive 197 per cent year-on-year (YoY) growth in vehicle sales and 109 per cent month-on-month (MoM) increase with 1,994 units sold in November 2024, compared to 671 units in November 2023 and 952 units in October 2024.
"This performance comes amidst a market environment, where the electric two-wheeler (E2W) industry witnessed an average sales decline of 18-20 per cent during the same period, as per Govt. of India's Vahan Portal data. This surge in sales is largely attributed to the launch of the all-new RV1 and RV1+, affordable and commuter-friendly electric motorcycles tailored for the Indian market. The bikes have received overwhelming consumer interest, with robust pre-orders translating into strong sales figures. These models combine cutting-edge technology with affordability, offering riders a reliable and sustainable alternative to traditional ICE-powered vehicles," it stated.
"Our performance this month reflects not just the strength of our products but the growing trust of our customers in the Revolt brand," said Anjali Rattan, Chairperson of RattanIndia Enterprises. "As we scale new heights, our focus remains steadfast on delivering innovative, reliable, and sustainable mobility solutions. With a clear vision for the future, we are committed to driving the electric mobility revolution in India and beyond."
At present, Revolt Motors operates through 154 dealerships across the country. The network is set to grow further with addition of 14 new dealerships by the end of December 2024.
On the stock-specific front, Rattanindia Ent saw high trading volume on BSE today as around 11.80 lakh shares changed hands at the time of writing this story. The figure was way more than the two-week average volume of 3.50 lakh shares. Turnover on the counter came at Rs 8.61 crore, commanding a market capitalisation (m-cap) of Rs 9,992.43 crore.
As of September 2024, promoters held a 74.86 per cent stake in the company.