GBP Recovery, tender for 3500 Electric PVTATAMOTORS - 429 Change: -6.65 (-1.53 %)
As per media sources, central government is looking for replacing its fleet (passenger vehicle) with EV’s with first tender of 3,500 vehicles expected to be floated soon with total aggregate demand over 2 year period pegged at >10,000 units with total state & central government fleet size at 6 lakh units. Separately, UK government has rolled back some of its tax cut measures leading to strong gains in the GBP (pound).
Tata Motors is the only auto OEM offering affordable EV’s domestically and is a key contender to win the said tender. Affordable range of Electric PV at Tata Motors include Tiago, Tigor and Nexon. Separately, post some of the developments in UK in the past week its currency i.e. pound (GBP) has recovered sharply (GBP: INR:: 87.2 as of last Monday to 92.5 currently) allaying some of the translational losses feared earlier at JLR.