Olectra Share Price Plummets in the Last Month
📉 Olectra GreenTech, an electric vehicle manufacturer, has been facing a downturn in its share prices over the past month. The company’s shares took a heavy hit on Friday, dropping by nearly 2% to Rs 1,657.45 at the close of trading. This represents a 1.09% decrease from the previous day’s close. Experts had previously recommended investing in the company’s shares.
Brokerage Firm Recommends Buying Olectra Shares
📈 Domestic brokerage firm Jiojit has advised purchasing Olectra GreenTech shares, with a potential price target of up to Rs 2,086. The company’s margins have decreased by 1.37% due to lower operational profits and increased expenses. However, the annual margin has increased to 14.2%.
Recent Orders Boost Company’s Prospects
🚍 Olectra GreenTech has received significant orders from various state transport authorities in India, including 550 buses from the Telangana State Road Transport Corporation and 2,100 electric buses from the Brihanmumbai Electric Supply and Transport Undertaking. The company also has an order for 5,150 electric buses from the Maharashtra State Road Transport Corporation.
About Olectra GreenTech
⚡ Olectra GreenTech is a subsidiary of Megha Engineering and Infrastructure Limited and is the largest manufacturer of electric buses in India. The company also produces silicone rubber/composite insulators for power transmission and distribution networks. Promoters hold a 50.02% stake in the company, while public shareholders hold the remaining 49.98%.
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.
