Mahindra & Mahindra up; EESL to purchase 150 electric cars from co

Source : REUTERS
Last Updated: Thu, Oct 05, 2017 12:57 hrs

Mahindra and Mahindra Ltd rises as much as 2.1 pct to 1,316 rupees, highest since Sept 13.

Stock among top pct gainers on NSE index.

State-run Energy Efficiency Services Ltd (EESL) says to purchase 150 e-vehicles from Mahindra & Mahindra in phase I of a plan to buy a total of 10,000 electric vehicles.

Mahindra and Mahindra got purchase order after matching the lowest bid price quoted by Tata Motors Ltd - EESL.

EESL is a JV between India govt, NTPC LTD, Power Finance Corp Ltd, Rural Electrification Corp and Power Grid Corp of India to promote energy efficiency in India.

Mahindra stock gained up to 9 pct so far in the year up to Wednesday's close.

EESL says electric cars to replace petrol and diesel cars currently used by India govt and its agencies.