In a significant development for Gensol Engineering Limited, the company’s shares surged by 7 percent to Rs 1,270 in the morning trade on February 28. The uptick in share price follows the certification and approval received by the company’s subsidiary, Gensol Electric Vehicles, for an electric vehicle from the Automotive Research Association of India (ARAI).
The attainment of certification marks a crucial milestone for Gensol Electric Vehicles, as it clears the path for the official launch and sale of the electric vehicle in the Indian market. Highlighting the significance of this achievement, the company stated, “This certification culminates the vehicle homologation process, which involves vehicle testing both in controlled lab environments and on diverse terrain conditions.”
As of 10:50 am, Gensol Engineering Limited’s shares were trading at Rs 1,215.00, reflecting continued investor interest and anticipation surrounding the company’s foray into the electric vehicle segment. The certification approval from ARAI underscores the company’s commitment to innovation and sustainability, positioning it strategically amidst the evolving landscape of the automotive industry. As market participants await further updates regarding the official launch and commercialization of the electric vehicle, Gensol Engineering Limited remains poised to capitalize on emerging opportunities in the burgeoning electric mobility sector.
