Shares of Exicom Tele Systems dropped 4.5 percent in opening trade on September 4, a day after the Big Bull Rakesh Jhunjhunwala's RARE Enterprise trimmed its stake in the company.
The Rakesh Jhunjhunwala entity sold 15.85 lakh shares, making up a 1.3 percent stake in Exicom Tele Systems for an average price of Rs 348.60, data on the exchanges showed. The total stake sale was valued at Rs 55.25 crore.
At 09.28 am, shares of Exicom Tele were trading at Rs 364 on the NSE.
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Exicom Tele, which operates in the electric vehicle (EV) charger market made a stellar stock market debut in March this year, as it listed with a premium of over 80 percent.
Exicom enjoys a first mover advantage in India’s EV charging sector. By FY24, the company has made significant progress in the market, deploying over 65,000 chargers across more than 400 cities. The company's extensive network has positioned it as the leader in residential chargers, holding a 60 percent market share, and it also commands a 25 percent share in the public charger segment.
In addition to that, the government's support towards the adoption of EVs also augurs well for Exicom, further aiding its growth prospects.
Looking forward, Exicom’s management remains optimistic about the future of its EV charging business, buoyed by the growing adoption of electric vehicles across diverse automotive segments.Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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