Shares of Hindustan Motors hit the 10% upper circuit limit on Thursday, taking its two-day gain to 20% in just two sessions, after the company announced its expansion in the Electric Vehicle (EV) domain.
“Hindustan Motors Limited has entered into a Memorandum of Understanding (MOU) to extend the EV domain across the border to enhance the production of eco-friendly electric vehicles,” the company said in a BSE filing on Tuesday post market hours. The company did not divulge details of the MoU.
Earlier in October, the company announced that it has completed due diligence with its European partner for the proposed electric two-wheeler project.
The combined investment for the EV project will initially be around Rs 600 crore, following which the two companies would explore the possibility of entering the electric four-wheeler space, PTI report said quoting the company.
At 1 pm, the stock traded at its upper circuit of Rs 20.20. It has jumped 64% in the last one year and 257% in the last three years.
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In a stock exchange filing on Tuesday, HM said that it has entered into a MoU to extend the EV domain across the border to enhance the production of eco-friendly EVs.