Atul Auto Ltd. shares gained nearly 10% on Friday, April 24, following the announcement of a significant contract win. According to reports from CNBC TV18, the company has signed a memorandum of understanding (MoU) with Exponent Energy Pvt. Ltd. to manufacture and supply 15,000 electric three-wheelers integrated with Exponent's battery system and powertrain.
The contract value is ₹490.5 crore with Exponent Enabled Vehicles priced at approximately ₹3.27 lakh per unit. As reported by CNBC TV18, this contract will be executed over a three-year period, extendable by an additional grace period of six months from the date of state transport authority approvals.
The electric three-wheelers will deliver 15-minute rapid charging and feature a battery life warranted for up to 2 lakh km. According to the company statement, Atul Auto will be responsible for all vehicle-level manufacturing, including integration of Exponent's battery system and powertrain, quality control, end-of-line testing, and delivery of fully built vehicles to Exponent.
Shares of Atul Auto are trading 9% higher on Friday at ₹513.4, as reported by CNBC TV18. The stock has demonstrated strong momentum with a 25% rise in the last one month. The stock is currently trading close to its 52-week high of ₹554, indicating positive investor sentiment following the contract announcement.
