Best EV Stocks in India 2024

The Indian electric vehicle (EV) industry is expected to grow rapidly, reaching 531,750 million rupees by 2025, from two billion rupees in 2023. The industry is expected to reach 8,549,250 million by 2029, with over one million EVs sold in FY 2022-2023. India is aiming to boost the market by promoting greener options and collaborating with manufacturers and policymakers. The sector contributes 7.1% to India's GDP and offers substantial employment opportunities. The market is projected to reach USD 110.74 billion by 2029, with 30% for private cars, 70% for commercial vehicles, 40% for buses, and 80% for two-wheelers and three-wheelers. In this article, we'll explore the EV stocks in India based on their PE Ratio, growth potential, and overall contribution to the country's transition towards sustainable and eco-friendly transportation solutions
 

EV Stocks List in India

The top 10 electric vehicle stocks to invest in India stand to gain from the country's desire for renewable energy solutions. As a result, we've compiled a list of some of India's best EV stock sectors, along with their current share prices.

Disclaimer: The above information is accurate as of 26th Aug 2024. However, it is important to conduct prior research before making any investment decisions in these stocks.

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Overview of EV Stocks in India

Here's an overview of the 10 electric vehicle stocks in India:

Tata Motors Ltd

• Tata Motors Ltd, a flagship company of the Tata Group, was established in 1945. 
• It is one of India's largest automobile manufacturers, producing a wide range of vehicles including cars, trucks, and buses. 
• Tata Motors is known for its focus on innovation, safety, and customer satisfaction.
• The company has expanded globally and has a strong presence in international markets. Its financial performance has been bolstered by strategic initiatives in electric vehicle production and a robust product pipeline.

Get more details about Tata Motors Ltd share price here.

Know the Tata Motors Ltd share price history here.

Ecoplast Ltd

• Ecoplast Ltd, established in 1981, is a leading manufacturer of polyethylene films used in various industrial and consumer applications. 
• The company is known for its quality products, catering to the packaging, agriculture, and construction sectors. 
• Ecoplast has experienced consistent growth by focusing on innovation, quality, and expanding its product offerings. 
• It has a strong market presence in both domestic and international markets.

Get more details about Ecoplast Ltd share price here.

Know the Ecoplast Ltd share price history here.

Vedanta Ltd

• Vedanta Ltd, established in 1976, is a diversified natural resources company involved in the extraction of oil and gas, zinc, lead, silver, copper, iron ore, and aluminum.
•  Vedanta is known for its large-scale mining operations and commitment to sustainable development. 
• The company has demonstrated strong financial performance and growth through strategic acquisitions, expansion of its production capacity, and a focus on improving operational efficiencies.

Get more details about Vedanta Ltd share price here.

Know the Vedanta Ltd share price history here.

 Ashok Leyland Ltd

• Ashok Leyland Ltd, founded in 1948, is one of India’s leading manufacturers of commercial vehicles, including trucks, buses, and engines. 
• The company has a strong reputation for producing robust and reliable vehicles, catering to both the domestic and international markets. 
• Ashok Leyland has shown impressive growth over the years, driven by its focus on innovation, customer service, and expanding its product portfolio to include electric and alternative fuel vehicles.

Get more details about Ashlok Leyland Ltd share price here.

Know the Ashok Leyland Ltd share price history here.

Tata Power Company

• Founded in 1919, Tata Power Company is India's largest integrated power company. 
• It is engaged in the generation, transmission, and distribution of electricity. Tata Power is at the forefront of India’s renewable energy movement, with substantial investments in solar, wind, and hydropower projects. 
• The company has shown steady growth and remains committed to increasing its renewable energy capacity, contributing to India's sustainable energy goals.

Get more details about Tata Power Company share price here.

Know the Tata Power Company share price history here.

HBL Power Systems Ltd

• Established in 1977, HBL Power Systems Ltd is an Indian company specializing in the design and manufacture of batteries, including industrial, defence, and aviation batteries. 
• HBL is well-regarded for its commitment to quality and technological innovation. 
• The company has expanded its operations internationally and diversified its product offerings to include power electronics and renewable energy products, reflecting its adaptability and growth potential.

Get more details about HBL Power Systems Ltd share price here.

Know the HBL Power Systems Ltd share price history here.

Hindustan Copper Ltd

• Hindustan Copper Ltd, established in 1967, is a public sector enterprise under the administrative control of the Ministry of Mines, Government of India. 
• It is the only vertically integrated copper producer in India, involved in mining, beneficiation, smelting, refining, and casting of refined copper metal. 
• The company has demonstrated growth by focusing on expanding its mining capacity and improving operational efficiency, contributing significantly to India's copper production.

Get more details about Hindustan Copper Ltd share price here.

Know the Hindustan Copper Ltd share price history here.

 JBM Auto Ltd

• JBM Auto Ltd, part of the JBM Group, was founded in 1996 and is a prominent player in the automotive industry. 
• The company is involved in the manufacturing of auto components, buses, and electric vehicles. 
• JBM Auto has experienced steady growth due to its focus on innovation and sustainability, making significant investments in electric mobility solutions. 
• The company's financial performance has been strong, supported by its diversified product range and strategic partnerships.

Get more details about JBM Auto Ltd share price here.

Know the JBM Auto Ltd share price history here.

 Olectra Greentech Ltd

• Founded in 2000, Olectra Greentech Ltd is a pioneer in electric bus manufacturing in India and a leading player in the electric mobility sector. 
• The company, part of the MEIL Group, is known for its innovative approach to electric public transportation. 
• Olectra has grown rapidly by securing government contracts and forming strategic alliances, making significant strides in promoting sustainable transportation solutions across the country.

Get more details about Olectra Greentech Ltd share price here.

Know the Olectra Greentech Ltd share price history here.

Servotech Power Systems Ltd

• Servotech Power Systems Ltd, founded in 2004, is a leading manufacturer of power solutions, including UPS systems, solar power systems, and LED lighting products. 
• The company has gained recognition for its innovative approach to sustainable energy solutions, focusing on renewable energy initiatives. 
• Over the years, Servotech has shown consistent growth by expanding its product portfolio and investing in research and development.

Get more details about Servotech Power Systems Ltd share price here.

Know the Servotech Power Systems Ltd share price history here.

Electric Vehicle Market Growth in India

India's electric vehicle (EV) market is expected to grow at a steady 22.4% annually, reaching 8.8 lakh crore rupees by 2032. The country's automobile industry is the fifth largest globally and is set to climb to third place by 2030 due to rising demand for electric vehicles. The NITI Aayog aims for 70% of all vehicles to be electric by 2030, with a net zero carbon emissions target by 2070. Over the past three years, around 5.2 lakh electric vehicles have been registered in India. In 2023, Uttar Pradesh led in EV sales, followed by Karnataka and Tamil Nadu. Mahindra & Mahindra plans to launch 16 battery electric vehicles (BEVs) by 2027. However, the COVID-19 pandemic has posed significant challenges for electric vehicle manufacturers in India, with temporary closures of manufacturing facilities disrupting supply chains and a shortage of raw materials, particularly due to the semiconductor crisis.

Future of EV Stocks 2024

• The Automotive Mission Plan (AMP) of 2016-26 aims to enhance the automobile industry's contribution to India's development and global competition.
• The sector is projected to create approximately 65 million jobs in the coming decade, making it a lucrative investment opportunity.
• The AMP 2016-26 aims for the sector to contribute over 12% to India's GDP and constitute 40% of the manufacturing sector by 2026.
• Plans for in-house lithium-ion battery manufacturing could reduce EV costs and import duties, creating a potential market.
• The future of automobile manufacturing is predicted to be in the hands of EVs in India.
• With current climatic conditions, EVs are expected to become the industry's mainstay, making it a target for investors.

What are EV Penny Stocks in India (2024)?

Before getting into the best penny stocks, let's understand what is EV penny stock:

Penny stocks and electric vehicles (EVs) are hot topics in the share market due to their potential for high returns in just a month. Combining the two can yield significant returns, as penny stocks are driven by liquidity and news flow. Positive news can boost a penny stock by 1,000%, while negative sentiment can erode 80-90% of its value. In India, EV stocks have bright prospects, making it a promising investment opportunity.

Features of Best EV Stocks in India

Here are some features of the best EV stocks in India:

• Innovative product lineup: Diverse range of EV products to meet consumer needs.
• Advanced technology adoption: Focus on battery management, electric drivetrains, and vehicle software.
• Scalable manufacturing infrastructure: Robust capabilities for in-house component production.
• Strategic industry partnerships: Collaborations with tech firms, battery manufacturers, and other automakers.
• Government policy support: Incentives, subsidies, and supportive policies to accelerate EV adoption.
• Solid financials: Stable revenue growth, profitability, and investment in R&D.
• Sustainability practices: Active engagement in sustainability and environmental responsibility.
• Extensive service network: Widespread service and charging infrastructure.
• Global market presence: Potential for tapping into international markets.
• Adaptability: Flexibility and adaptability to changing technology trends and consumer demands.

How to Invest in EV Stocks with BlinkX

With the advantages of a professionally managed portfolio, Investing with BlinkX is a hassle-free and economical way to enter the stock market.

It offers real-time investment tracking and rebalancing. If you're interested in investing in the best EV stocks in India for long-term growth, consider utilizing BlinkX to create an efficient and diversified portfolio.

If you want to start your investing journey with BlinkX, follow these steps:

1. Register with BlinkX.
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Conclusion
The electric vehicle (EV) business in India is quickly developing, creating several opportunities for investors. However, the dynamic nature of this industry, marked by rapid technical advancements and regulatory changes, emphasizes the significance of performing extensive research before making any investment decisions. By exercising caution and making educated decisions, you may capitalize on India's booming EV industry while contributing to a cleaner environment. Finally, before making any investment decision, it is important to open a demat account with a reliable stock market app.