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FINWIRES

Atul Auto Signs MoU Worth INR4.91 Billion for Electric Three-Wheelers; Shares Jump 7%

-- Three-wheeler manufacturer Atul Auto (NSE:ATULAUTO, BOM:531795) has signed a memorandum of understanding worth 4.91 billion Indian rupees with electric battery manufacturer Exponent Energy, according to a Friday filing to the Indian stock exchanges.

The agreement entails the manufacturing and supply of 15,000 electric three-wheelers integrated with Exponent's fast-charging battery system and powertrain over three years, extendable by an additional six months.

Each of these three-wheelers will be priced at around 327,000 rupees.

The company's shares surged over 7% in recent trade.

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