Gensol Engineering’s share price shot up sharply on Wednesday morning after the company made the announcement. The stock surged up around 7% to hit an intraday high of ₹1,270.
What Happened: Gensol Electric Vehicles Pvt. Ltd. (GEVPL), a subsidiary of Gensol Engineering Limited, has received the Automotive Research Association of India (ARAI) certification for its first flagship electric vehicle. This certification paves the way for the vehicle’s official launch and sale in the Indian market.
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The certification process involves a comprehensive evaluation of a vehicle’s performance, safety, and compliance with vehicle regulatory norms. The certification marks the completion of the vehicle homologation process, which included rigorous testing in controlled lab environments and diverse terrains. This certification signifies Gensol EV's readiness to commence production and revolutionize sustainable and urban mobility in India.
The electric car will be produced at the state-of-the-art greenfield plant in Chakan, Pune (India), boasting an annual production capacity of 30,000 cars.
The Mukul Agrawal-backed has been on a string bull run at the bourses. Just in the last 30 days, the small-cap stock has surged up over 40%. Agrawal owns a 1.51% stake in the company.
Price Action: Gensol’s share price was up 3.16% to trade at ₹1,228.35 on Wednesday.
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