Goyal Aluminium has announced plans to enter the electric vehicle market through its newly formed venture, Wroley E India. The company will manufacture electric scooters and low-speed scooters for the Indian market, according to an exchange filing.

In a statement, the company stated that the decision is in line with the government's 'Clean India and Green India' initiative.

Wroley E India has received financing approval from Shri Ram Finance to provide customers with financing options to purchase its electric scooter in monthly installments.

"This will make it easier for customers to choose e-scooters over existing fuel-mechanic two-wheeler vehicles," according to the statement.

The company intends to launch high-speed electric scooters in April of this year, and has received approval from the Central Institute of Road Transport for this purpose (CIRT).

In addition, the company has appointed 25 dealers in northern India and expects to appoint 150 dealers across the country by March 2024.

Furthermore, the company is in the process of establishing a new manufacturing plant in Greater Noida. It has already applied with the Greater Noida Authority to participate in the online auction of industrial land for the setting up of the manufacturing plant.

Goyal Aluminium shares have delivered multibagger returns to investors, rising 96% in the last six months. It closed Friday at Rs 280.45 per share. Goyal Aluminium shares are showing strength on daily and weekly charts, according to Ravi Singhal, CEO of GCL Broking, with most momentum indicators in the bullish zone and well supported by volume growth. In the short term, the stock has the potential to trade between Rs 350 and Rs 400.