Ashok Leyland is having a great run on the bourses today. The stock price rose almost 7% to hit an intraday high at Rs.124.80, the same level at which it is hovering now. Its 10% UC of the day is at Rs.128.40. Its 52-week high is at Rs.138.85.

The stock price rose, reacting to its announcement of yesterday that it is taking steps in the Electric Vehicle (EV) segment, green mobility by forming two subsidiaries.

The company, through its subsidiary Switch Mobility, the U.K. based EV producer of Buses and Vans announced its global expansion plans into India and its plan to create two subsidiary companies.

The first, Switch Mobility Automotive Ltd, is being formed to carry on the EV strategy in India, which forms part of its global entity and brings together Ashok Leyland’s capabilities both from Optare UK and Ashok Leyland’s EV Division.

The second is OHM Global Mobility Private Ltd, which will focus on providing Mobility as a Service offering, more like a solutions company being piloted in India with ambitious plans to roll out Mobility as a Service (eMaaS) globally.

Together, Switch and OHM will provide a net carbon zero emission solution to India’s exciting trend towards EV urban buses and LCVs.

The company says that given its strong presence and proven expertise in the commercial vehicle market in India and the experience of operating a large number of electric vehicles successfully in India and the U.K, it is seeing huge opportunities for growth through Switch’s expansion in Indian and global markets.