Bharat Forge gains 1% as e-mobility arm kicks off its first electric bike unit

Bharat Forge announced that its E-Mobility subsidiary, Kalyani Powertrain Ltd, inaugurated its first E-bike manufacturing facility at MIDC Chakan on March 8, 2023.

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Shares of Bharat Forge edged up over 1 percent on March 9, a day after the company announced that its e-mobility subsidiary, Kalyani Powertrain Ltd, inaugurated its first e-bike manufacturing facility at MIDC Chakan.

“The facility has a production capacity of 60,000 units per annum and scalable to 100,000 units per annum, will undertake the assembly of e-bikes for Tork Motors Private Limited, 64.29 percent owned by Kalyani Powertrain Limited,” Bharat Forge said in an exchange filing.

At 9:16am, shares of the company were trading 1.2 percent higher at Rs 844.15 on the BSE. The stock has come down to Rs 834.55 level from Rs 908.65 in December 2022.

Analysts have highlighted that the ramping up of Electric Vehicle (EV) and defence businesses are some of the key levers of growth for the company in the next couple of years.

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Geojit Financial Services highlighted its two and three wheeler EV associate Tork Motors has received Faster Adoption and Manufacturing of Electric and Hybrid Vehicles (FAME-II) scheme approvals.

Some companies have been accused of claiming government benefits without meeting the mandatory 50 percent local sourcing rule. Some two-wheeler manufacturers were claiming FAME without actually having indigenous content, which made the whole scrutiny process much time taking.

The Centre’s flagship EV promotion scheme-FAME-II-has so far disbursed subsidies to around 80 percent electric two-wheelers of the set target under the scheme. The Centre has set an outlay of Rs 10,000 crore for a period of three years starting April 1, 2019. This includes demand incentives to support a number of EVs, including 100,000 electric two-wheelers.

The government provides an incentive of Rs 15,000 per kWh on electric two-wheelers, capped at 40 percent of the total vehicle cost, provided they meet specified localisation criteria.

The company has also won orders for developing components for electric Commercial Vehicles in the light truck segment and system electronics for industrials, the brokerage firm had highlighted.