Kinetic Engineering Injects Rs 57 Crore to Scale EV Push, Eyes Top 10 Brand
KNIT has more than doubled off its 52-week low of $0.4.
Summary
Kinetic Engineering is investing Rs 57 crore, with Rs 40 crore earmarked for expanding its electric two-wheeler segment and Rs 17 crore for capex. The funds come from the final tranche of warrant conversions by promoters, lifting their stake to 69.27% from 50% four years ago. The company has signed LOIs with over 150 dealers, 60+ already operational, and targets a top-10 EV brand position. Management cites a healthy auto-components order pipeline and aims to improve EBITDA margins to around 12%. This capital infusion and distribution build-out mark a concrete step in its EV scale-up.
At the time of this announcement, KNIT was trading at $2.00 on OTC in the Manufacturing sector, with a market capitalization of approximately $52.8M. The 52-week trading range was $0.40 to $10.00. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Businessworld.