Goyal Aluminium has announced to foray into the electric vehicle segment through the newly incorporated venture namely Wroley E India. According to an exchange filing, the company will manufacture electric scooters and low-speed scooters for the Indian market.
The company in a statement said that the decision is in line with the government’s initiative of ‘Clean India and Green India’.
Wroley E India has secured sanction for financing from Shri Ram Finance to offer customers financing solutions to purchase its electric scooter in monthly installments.
“This will make it easier for customers to choose e-scooters over existing fuel-mechanic vehicles in the two-wheeler segment,” the statement said.
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The company has plans to launch high-speed electric scooters in April this year, for which it has secured approval from the Central Institute of Road Transport (CIRT).
The company has also appointed 25 dealers in north India and is expecting to appoint 150 dealers across the country before March 2024.
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Besides, the company is in the process to set up a new manufacturing plant in Greater Noida. It has already applied with the Greater Noida Authority to participate in the online auction of industrial land for the setting up of the manufacturing plant.
Shares of Goyal Aluminium have yielded multibagger returns to its investors, zooming a whopping 96 per cent in the past 6 months. It quoted Rs 280.45 apiece at close on Friday. According to Ravi Singhal, CEO, GCL Broking, Goyal Aluminium shares are showing strength on daily and weekly charts with most of the momentum indicators in the bullish zone and well supported with volume growth. The stock has the potential to touch Rs 350 – Rs 400 levels in the short term.
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