Olectra Greentech Share Price Surges on Tuesday
📈 Domestic brokerage houses are bullish on Olectra Greentech shares, with Anand Rathi Olive rating it a ‘BUY’. According to Anand Rathi, the stock is expected to rise by up to 12% in a month. Technical analysts have also chosen Olectra Greentech shares as their top pick for the month. The company’s shares were trading at ₹1,787.95 in intraday trading yesterday.
Investment Recommendation for Investors
📊 Anand Rathi suggests investors consider taking a long position in Olectra Greentech shares between ₹1,785 and ₹1,815. The target price is set at ₹2,020, with a stop loss at ₹1,690. The stock was trading at ₹1,809 on Wednesday, showing a 1.21% increase.
Company Overview and Financial Performance
💡 Olectra Greentech Limited is India’s largest electric bus manufacturer. The company has manufacturing facilities in Hyderabad and is the first electric bus manufacturer in India. Olectra Greentech is expanding its product range in the e-mobility segment by manufacturing electric trucks and tippers.
📊 For the quarter ending in March 2024, the company reported a consolidated net profit of ₹13.71 crore, down from ₹27.01 crore in the previous year. The company’s revenue for the quarter decreased from ₹375.91 crore to ₹288.81 crore.
Impressive Stock Performance
🚀 Olectra Greentech share price has surged by over 33% this year and over 158% in the past year. The stock has delivered multi-bagger returns of over 900% in the last three years and a long-term return of 6,509.80%. In March 2002, the stock was priced at ₹27.
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.
