Tata Motors was the top Nifty gainer of 2023. But this EV stock is a better bet

livemint.com:

electric vehicles are set to redefine the future of transportation, promising a more sustainable and efficient era on the roads. The EV megatrend is in full force in India as well. As per media reports, electric vehicle sales in India surpassed over 1.5 million units in 2023, a historic feat.

This was on the back of government subsidies, rising consumer awareness, and accessibility to newer models. As a result, the share prices of EV companies rose higher. The stock that saw maximum traction was Tata Motors Ltd, India’s largest maker of electric vehicles.

With a 101% rise in its share price, the company was the top Nifty 50 gainer of 2023. Tata Motors commands about 70% of the passenger EV market, and has a clear plan to become a mostly EV company by 2030. It has backed the plan with billions in funding, leadership support, and technology partnerships, which seems to push its share price higher.

But what if there’s a better way to play the EV opportunity? Forget the fanfare, forget the brand recognition. There’s a stock that boasts better fundamentals and a wider exposure to the electric vehicle theme. It’s not about size, it’s about strategy.

Amara Raja Energy and Mobility Ltd is a hidden gem that could electrify your portfolio far more than the established giant. While electric vehicles are the pioneers of eco-friendly transportation, what makes them sustainable are the EV batteries. They release the vehicles from their dependence on fossil fuels.

Amara Raja Energy and Mobility is at the heart of this transition. The flagship company of the Amara Raja Group is one of the largest manufacturers of lead-acid batteries for both industrial and automotive applications in India’s storage battery industry. It is the largest