Here's why Atul Auto shares zoomed over 16% today

Shares of Atul Auto Limited zoomed over 16 per cent to hit an intraday high of Rs 213 on BSE after the company joined hands with Valeo and Honda Power Pack Energy India for Electric Vehicles with Battery Swapping Solution

Atul Greentech Private Limited (AGPL), a subsidiary of Atul Auto Limited, is now collaborating with Honda Power Pack Energy India Pvt. Ltd. and Valeo to develop the prototype Cargo and Passenger three-wheeler with the most reliable Honda Mobile Power Pack e: Swap & Valeo powertrain system.

The stock closed 12 per cent higher at Rs 206.45 against the previous close of Rs 184.05 on BSE. The market cap of the firm rose to Rs 453.02 crore. The shares stand higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

In the last one month, the stock has delivered over 20 per cent to its shareholders. However, on a year-to-date basis, the shares are up 8 per cent.

AGPL is engaged in designing and developing innovative solutions for last-mile electric mobility for Domestic and Export Markets. Over the last couple of years, AGPL has developed automotive-grade fix thermal battery solutions, Battery Management Systems and Vehicle Telematics Solutions, the company said.

AGPL would launch the e-vehicle after the completion of field trials. The vehicle with a swapping battery will be equipped with Valeo's integrated compact electric powertrain system.

The company reported a net loss of Rs 8.52 crore for the quarter ended December 2021, down 903.77 per cent from a net loss of Rs. 1.06 crore in December 2020.

Net Sales came in at Rs 94 crore in December 2021 down 7.81 per cent from Rs 102 crore in December 2020.

According to MarketsMojo, the stock is technically in a Mildly Bearish range. Also, the company has declared negative results for the last 8 consecutive quarters.