Olectra Share Price 📈
On 3 February 2024, the shares of Olectra GreenTech reached a record high. The company’s share price climbed to ₹1,849.25, which is the highest level in 52 weeks.
Budget Announcement Impact 💼
Finance Minister Nirmala Sitharaman presented the interim budget for 2019-20 on Thursday, making several important announcements that have had an impact on related companies’ shares. Olectra GreenTech is one such company that has benefited from these announcements.
Boost for Electric Vehicle Infrastructure ⚡
In her budget speech, Sitharaman stated that the government will expand the electric vehicle (EV) system to promote charging infrastructure and encourage e-public transport networks. This announcement has had a positive effect on Olectra GreenTech’s share price, which has increased by 6.2% to ₹1,849.25. This marks a 55% growth in the past six months and a 268.20% increase in the past year.
Potential in Tourism Sector 🌴✈️
Sitharaman emphasized the immense potential in the tourism sector and assured that the government will develop prestigious tourism centers to attract foreign tourists. This announcement has further boosted investor confidence in Olectra GreenTech.
Future Plans 📅
Olectra GreenTech, a manufacturer of electric buses, is expected to start its new plant in Hyderabad from July 2024. The plant will initially have a capacity of 5,000 buses, which will gradually increase to 10,000 buses. The company aims to provide at least 2,500 buses by the financial year 2025. Currently, Olectra has more than 9,000 bus orders, with 232 buses successfully delivered in the first half of the financial year.
Olectra’s Subsidiary 🏭
Olectra Megha Engineering and Infrastructure, a subsidiary of Olectra GreenTech, is the largest manufacturer of silicone rubber/composite insulators for power transmission and distribution networks in India.
Exciting Times Ahead for Olectra! 🚍🌟
With the government’s focus on electric vehicle infrastructure and the potential in the tourism sector, Olectra GreenTech is poised for growth. Investors are showing confidence in the company, as evident from the rising share prices. As Olectra continues to expand its manufacturing capacity and fulfill orders, the future looks promising for this electric bus manufacturer.
Disclaimer: This is News Coverage with Opinions of Experts and Should Not Be Taken as Direct Market Buying Tip. Market is always subject to risk. We recommend taking our content as research before investing.
