Amara Raja, BEL to Bharat Forge: Why are EV stocks rising today? Experts link it to this TCS study

Electric vehicle (EV) stocks like Amara Raja, Bharat Electronics (BEL), Bharat Forge and Minda Corporation among others gained up to 6% in trade on Tuesday, January 14, following a study released by Tata Consultancy Services (TCS).

This study by TCS, a leading IT giant, released today shows a growing interest in electric vehicles. According to the TCS Future-Ready eMobility Study 2025, over 64% of consumers are now likely or very likely to consider an EV as their next purchase.

The comprehensive report sheds light on the future of sustainable mobility, revealing that while 60% of consumers identify charging infrastructure as a significant hurdle, a surprising 56% are willing to spend up to $40,000 on an electric vehicle. Sustainability and lower operational costs were key factors driving EV adoption, according to the study.

For the purposes of the study, TCS surveyed 1,300 anonymous respondents across North America (USA, Canada), United Kingdom & Ireland, Continental Europe (Belgium, Denmark, Finland, France, Germany, Netherlands, Norway, Sweden, Switzerland) and APAC (China, India, Japan, ANZ). The respondents for the survey included transport manufacturers, charging infrastructure players, fleet adopters, consumers and EV adoption influencers.

While consumers and influencers highlighted a clear motivation for EV adoption as ‘environmental sustainability’, the environmental benefits did not match the expectations of many EV influencers. Nearly 48% of EV influencers said EVs increase the overall carbon output just as much as they reduce it, with 10% even saying EV adoption is negatively impacting the environment.

Commercial fleets maintain a positive outlook towards electric mobility, with a sizable percentage—53%—pointing to reducing operational costs as a primary motivation. Fleet adopters were willing to pay a premium for EVs than for traditional internal combustion engine (ICE) vehicles.

EV stocks rally up to 6%

The majority of EV stocks traded in the green following a promising report by TCS that signals faster adoption for EVs in 2025.

“EV stocks are rising on improved business buzz in the year 2025. Investors expect auto companies to report strong EV business after the recent TCS Global Study report, which claims that 2025 will be the year of electric vehicles. The TCS study says that 64% of consumers will likely choose EVs as their next vehicle. This has spurred buying in EV stocks, and today’s rise in EV shares should be seen in this spec,” said Avinash Gorakshkar, Head of Research at Profitmart Securities.

Shares of Minda Corporation were among the lead gainers, rallying over 6% to ₹541.05 apiece. Samvardhana Motherson, Uno Minda, Tata Motors, and FIEM Industries were among the other gainers, rising over 3% each.

Bharat Electronics added 2.66%, BEL rose 2.65% and Amara Raja 1.7%.

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