Up 1,258% in 4 months! This electric utility stock sheds its 'penny' status

RattanIndia Enterprises announced that Domino's has joined hands with the company's Revolt Motors, to transform its current petrol bike fleet to electric bikes

Shares of RattanIndia Enterprises hit a record high of Rs 70.50, up 5 per cent on the BSE in intra-day trade on Tuesday on the back of heavy volumes. The stock of the electric utility company was quoting higher for the eleventh straight trading day, having surged 68 per cent during the period.

In the past four months, the stock has zoomed 1,258 per cent from level of Rs 5.19 as compared to an 8 per cent rise in the S&P BSE Sensex. At 10:41 am, it was trading 4 per cent higher at Rs 69.90, against a 0.22 per cent gain in the benchmark index. A combined 2.15 million equity shares had changed hands on the counter on the NSE and BSE so far.

In April 2021, RattanIndia Enterprises ventured into the electric vehicle (EV) space by acquiring substantial strategic stake in Revolt Intellicorp Pvt Ltd. As part of the deal, RattanIndia Enterprises will have a 50 per cent board presence in Revolt Intellicorp and Rajiv Rattan will be chairman of the board of Revolt.

On July 22, 2021, RattanIndia Enterprises announced that Domino’s has joined hands with the company’s Revolt Motors, India’s market leader in electric motorbikes to transform its current petrol bike fleet to electric bikes.

As part of the partnership, Domino’s will procure the entire existing inventory of Revolt’s RV300 bike model and will progressively procure customised Revolt model to transform its fleet. Domino’s had been piloting Revolt bikes for its deliveries for quite some time now and with a successful pilot has now partnered with Revolt to make its deliveries environmentally sustainable, the company said in a press release.

With regard to the Press Release titled “Domino’s joins hand with RattanIndia’s Revolt to electrify its delivery fleet” dated July 22, 2021 issued by RIEL, Jubilant FoodWorks today said, the Company is expanding the use of electric vehicles within its delivery ecosystem which will further reduce the carbon footprint arising from vehicular emissions.

The aforesaid press release by RIEL has been made without the consent of the Company and do not convey the complete factual arrangement between the Company and Revolt Intellicorp Private Limited (“Revolt”), with whom the Company has made a supply agreement for procuring electric vehicles.

The Company works with multiple business partners/vendors and therefore Revolt, is one of the business partner for the Company and its current share of business on electric vehicles is less than 10 per cent, Jubilant FoodWorks said. CLICK HERE FOR FULL RELEASE.

Given the falling prices of electric bikes due to lower production costs and a slew of incentives being announced by the central and various state governments, these bikes not only save the environment but also make economic sense due to lower maintenance and running costs as compared to traditional petrol engine bikes.

Revolt Intellicorp is the next-gen mobility company, has introduced India’s first AI-enabled motorcycle without compromising on the performance or aesthetics of a regular ride. Revolt Intellicorp commenced operations in 2019. The company offers two EV models in India currently, in addition to a full range of genuine parts and accessories available through its authorized dealerships.