BlackRock Global Funds bought 25.9 Lakh shares at ₹1,713.02 apiece, a premium of 2.1% to the stock’s last closing price on Monday
BlackRock’s purchase signals strong institutional confidence in Ather, which is riding on a new mass-market scooter launch, strategic backing from Hero and improving financials
This comes days after auto giant Hero MotoCorp also acquired an additional 3% stake in the EV maker for up to ₹1,758 Cr
Asset management giant BlackRock has purchased nearly 26 Lakh shares of electric vehicle (EV) maker Ather Energy
via an open-market transaction worth ₹445.3 Cr.
As per NSE data, BlackRock, via BlackRock Global Funds, bought 25.9 Lakh shares at ₹1,713.02 apiece. The asset management major lapped up the shares at a premium of 2.1% to the stock’s last closing price on Monday.
The stake purchase came on the same day as Ather was added to the MSCI India domestic small cap index. The stock also touched an all-time high of ₹1,704.1 during the intraday trading yesterday following the company’s launch of Konarc escooter.
Launched at its annual Community Day, the new escooter has been priced at ₹99,999 for the entry-level variant, placing it in the mass-market electric two-wheeler segment. Built on Ather’s new EL platform, the Konarc will be available across the S and Z product lines, with claimed IDC range between 100 km and 200 km.
Besides, the EV maker also unveiled an advanced electronic braking system, a 450-watt onboard charger, and other charging and convenience features at the event.
Following the launch, brokerage Emkay Global Financial Services raised its target price for the stock by 37.5% to ₹2,200 per share from ₹1,600 earlier. However, the new launch is not the only factor driving Ather’s rally.
Just days ago, auto giant Hero MotoCorp also acquired an additional 3% stake in the EV maker for up to ₹1,758 Cr. What is also helping is Ather’s improving financials.
The listed OEM managed to narrow its consolidated net loss by 71% to ₹51 Cr in Q1 FY27 from ₹178 Cr in the corresponding quarter last year. Meanwhile, operating revenue jumped 79% YoY to ₹1,227 Cr during the quarter.
As a result, shares of the company have been on an upward swing. The stock has zoomed 78.2% in the past three months, and is up 127.6% on a year-to-date (YTD) basis.
Shares of Ather closed Monday’s trading session 4.11% higher at ₹1678.2 on the BSE.
Source: Inc42
