Electric vehicle (EV) stocks, Olectra Greentech, Mothorsons and Greaves Cotton witnessed sharp surge as the Finance Minister of India emphasised on the EV ecosystem in the interim budget 2024.
“Our Government will expand and strengthen the EV ecosystem by supporting manufacturing and charging infrastructure. Greater adoption of e-buses for public transport networks will be encouraged through payment security mechanisms,” said Nirmala Sitharaman, Finance Minister India.
Post interim budget, Olectra Greentech traded 1.37 per cent higher at Rs 1766, Mothersons gained 1.19 per cent to Rs 114, wherein Greaves Cotton experienced more than 1.5 per cent gain after the declaration on the National Stock Exchange (NSE).
“We welcome the Government’s reassurance and commitment to EV's which have seen significant growth over the last couple of years. Lack of charging Infrastructure has been perceived by many consumers who intend to buy EV's as a major hindrance. And hence focused steps to improve the charging infrastructure will aid in the driving consumption,” commented Rajeev Singh, Partner and Consumer Industry leader, Deloitte Asia Pacific.
The overall market sentiments remained unaffected due to the interim budget 2024 as the declarations were not substantial enough to shake the market. The benchmark indices, Nifty and Sensex traded range bounded during the budget presentation.
“In a budget announcement that delivered on subdued expectations, India's FY 2024 Interim Budget unfolded with a lack of major surprises, reflecting a pragmatic approach to fiscal policies. The absence of significant market fluctuations indicated that the budget did not introduce radical economic shifts. Instead, its core objective lay in portraying India's developmental journey, highlighting strides made, and elucidating a roadmap for continued progress,” said Kresha Gupta, Founder, Chanakya Opportunities Fund.
