Top 5 electric vehicles stocks under Rs 300

In the next 10 years, numerous Electric Vehicles (EV) will be zooming through our highways, and gone will be the days when people would gasp about the astronomical petrol prices.

At the moment, the EV space is dominated by Elon Musk's Tesla. But with more flexible government policies coming in to encourage EVs, the effort to reduce reliance on oil imports and provision of subsidies like FAME, the EV industry in India is set to explode towards an expansion. Also, why would it not be the next revolution for the vehicle industry? It is good for the environment and also since the government is planning to shift toward electric vehicles by 2030, one fact is obvious: if all goes well, the EV stocks are going to bloom.  

The Indian EV market was USD 143.04 billion (about Rs 1,11,16,13 crore) in 2021 and is expected to grow more than 10 times by 2027. So here are 5 EV stocks of companies with a market cap of more than Rs 5,000 crore and which give a minimum return on equity of 8%. 

1. INDIAN OIL CORPORATION LTD (IOC)

1. IOC is a government-controlled entity and its share price on June 8 is Rs 117. The company has installed 1000 electric vehicle stations and will set up more than 10,000 fuel stations in the next three years. It has tied up with companies like TATA Power, REIL, NTPC, Tech Mahindra, BHEL, and OLA to install EV chargers. 
IOC has collaborated with 'Sun Mobility' for green energy and battery swapping stations and has entered into a JV with an Israeli company to manufacture batteries. 

2. POWERGRID CORPORATION OF INDIA LTD

Powergrid is a government company and India's largest electric power transmission company. On June 8, its shares were trading at a price of Rs 223. The company wants to establish charging station infrastructure across the country for electric 2-wheelers, e-rickshaws/autos, e-cars, and buses. Powergrid's strong operational efficiency helps it to consistently perform well financially and because of this, it has secured 22 projects through competitive bidding for the year 2021-22. It has also recently spoken about building 11 electric charging stations in Shillong. 

3. NTPC 

NTPC is responsible for power generation and providing bulk power to State Power Utilities. Being one of India's prominent power generation companies, its share price as of June 8 is Rs 156. NTPC has as of today installed more than 142 EV charging stations and its subsidiary has received orders for installing 204 charging stations across 8 cities. NTPC has also engaged in a JV with IOC to install EV chargers. 

4. EXIDE INDUSTRIES 

You might have seen those inverter batteries which are the most resourceful if and when the lights go out. Exide Industries is one of the prominent designers, manufacturers, and sellers of various types of acid-storage batteries. Its share market price on June 8 is Rs 148.  Exide makes lithium-ion batteries for EVs and has entered into a JV with the Swiss company LeClanche to manufacture lithium-ion batteries and provide systems to store energy. Exide is always ahead of its time to incorporate new technologies and provide customers with the latest products.

5. MOTHERSON SUMI SYSTEMS LTD

Motherson Sumi is in the business of manufacturing and supply of automotive components and is India's largest automotive wire harness company. An automotive wire harness means a group of wires or cables that are used to transmit signals and electrical power. As on June 8, its price is Rs 124. Since EVs will need a lot of wiring components and Motherson Sumi is India's largest wiring harness provider, EVs can add a new business model to Motherson Sumi's business.