This microcap firm plans to launch electric bike; shares hit upper circuit

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“The company aims to bring the clean mobility solutions to the general public.”

Shares of a microcap firm Jagan Lamps hit 5 per cent upper circuit limit in Thursday’s trade after the company on Wednesday informed bourses that it is entering into the production of electric vehicles by launching its first electric bike under the brand name ‘Neutron’ on February 8, 2020.

“The company aims to bring the clean mobility solutions to the general public and not only for the elite class,” Jagan Lamps said in a regulatory filing.

With a market capitalization of Rs 10.98 crore, the scrip closed 4.94 per cent higher at Rs 15.93.

Jagan Lamps is a manufacturer and exporter of auto bulbs, halogen bulbs, headlights, automotive electrical spares and other related products.

Earlier, shares of the company underperformed the Sensex with a drop of 25 per cent during the past two years. On the other hand, the 30-share index jumped 20 per cent during the same period.

Jagan Lamps posted 12.67 per cent year-on-year rise in net profit at Rs 0.41 crore for the quarter ended September 2019. It had reported a net profit of Rs 0.36 crore in the same period last year. Net sales of the company increased by 13.62 per cent YoY to Rs 6.11 crore.