Refex Industries Limited’s stock surged by 2.94% to ₹483 on January 16, following the announcement of a landmark partnership between its subsidiary, Refex Green Mobility Limited (Refex eVeelz), and Gensol Engineering Limited. This collaboration aims to strengthen sustainable mobility solutions in India.
Stock Performance:
- Current Price: ₹483.00
- Previous Close: ₹469.20
- Day Range: ₹481.00 – ₹489.80
- Year Range: ₹110.01 – ₹600.00
- Market Cap: ₹62.40 billion
- P/E Ratio: 50.23
- Volume: 134.65K
Partnership Highlights:
- Vehicle Transfer: Refex eVeelz to acquire 2,997 electric four-wheelers (e4Ws) from Gensol and assume an existing loan facility of ₹315 crore.
- Deployment: Vehicles will operate across key cities like Chennai, Bengaluru, Hyderabad, Mumbai, and Pune.
- Leasing Agreement: Vehicles to be leased to Blu-Smart Mobility Limited for seamless operations in Delhi NCR and Bengaluru.
Strategic Impact:
Anil Jain, Managing Director of Refex Industries, emphasized that the partnership aligns with Refex’s vision for sustainable growth, leveraging their current fleet of over 1,000 electric cars. Anmol Singh Jaggi, Managing Director of Gensol Engineering, highlighted the collaboration’s focus on scaling green mobility and deleveraging Gensol’s balance sheet.
TOPICS:
Refex Industries