Life for Kinetic Engineering Ltd (KEL), which had pioneered the iconic moped "Luna", has reached a full circle as it commences production of chassis and other assemblies for the Electric Avatar of the Luna. Exactly 50 years ago, Kinetic Engineering Limited created automobile history by launching the Luna - priced that time at Rs. 2000 which made it the most efficient, affordable, convenient transportation solution to India. A revolutionary product then, the Luna captured the imagination of men & women alike, and ramped up to a sales of 2000 vehicles per day, commanding a 95% market share in the moped category at its peak. Winning the hearts across India, and being unique in its offering, the Luna remains one of the most cherished brands that India has seen.
The E-Luna will be launched shortly by its sister company Kinetic Green Energy & Power Solutions Ltd. KEL has developed all the major subassemblies for the E-Luna including the main chassis, main stand, side stand and swing arm and has set up a dedicated production line with an initial capacity of 5000 sets per month - just at the helm. With a growing electric market segment, and a preference towards load carrying vehicles, the E-Luna once again aims to check all the boxes with its offerings. The welding for these critical & various parts will be done through a brand new line of over 30 welding machines set up in an exclusive shop within the plant. All the assemblies will be fully finished, duly painted in its vast factory at Ahmednagar. To meet the requirements, KEL has also invested over Rs 3 crores in upgrading its paint shop and press & fabrication shops. The parts for ELuna shall add significantly to KEL's topline at about Rs 30 crores annual estimation, beginning first quarter next year.
Ajinkya Firodia, MD, Kinetic Engineering Limited, said "It is amazing that the iconic Luna is coming back in its E-Avatar! We are very proud to be making all the major subassemblies of the same and be a part of this legacy! At its peak Luna was selling over 2000 nos per day. I am sure it will do very well in its new avatar. We expect this business to add over Rs 30 crores annually over the next 2-3 years as the volumes of the E-Luna increase. This will also help KEL to boost its presence in the EV segment. KEL is emerging as a one stop shop for all the major mechanical subassemblies for electric 2 & 3 wheelers, which have witnessed explosive growth over the past 12 months."
All in all, chal meri Luna!
Shares of KINETIC ENGINEERING LTD. was last trading in BSE at Rs. 91.30 as compared to the previous close of Rs. 95.95. The total number of shares traded during the day was 12938 in over 189 trades.
The stock hit an intraday high of Rs. 94.00 and intraday low of 91.20. The net turnover during the day was Rs. 1189301.00.