Ather Energy Ltd.'s shares rose as high as 3.6% to an intraday high of Rs 1,674.80 apiece on Monday. The surge came after JPMorgan hiked the EV player's target price.
The brokerage maintained an overweight rating on the stock and raised its price target to Rs 1,850 from Rs 1,570, citing its entry into the mass EV segment through Konarc launch.
The shares pared some gains to trade 2.66% higher at Rs 1,659.30 apiece on the NSE, as against a 0.66% decline in the benchmark Nifty index by 10:10 a.m.
Ather launched Konarc on Saturday along with a new platform called EL, "One in 4 scooter buyers is buying electric scooters these days. We have launched a new platform called EL; Today we're launching the first product on this platform, we are launching Ather Konarc," said Tarun Mehta, CEO.
The scooter category which is priced at Rs 99,999, comes in two variants namely S Line & Z Line. Additionally, the company also launched Ather Bedrock battery, which comes 10 lakh kms or 10 years warranty.
JPM was bullish on all the launches and said the Bedrock battery will solve for battery life and safety, its True Health will address a key barrier to EV adoption, and MagicKey and other features will enhance ownership experience.
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