Olectra Share Price: A Surge of 9% Today ๐
๐ท Olectra GreenTech Limited, the leading electric bus manufacturer, witnessed a significant surge in its share price today. The company’s shares on the National Stock Exchange (NSE) reached a record high of โน2,048, marking a remarkable increase of 9%.
๐ท Over the past three months, the EV stock has witnessed a staggering growth of 70%, reflecting the increasing demand for electric vehicles in the market.
๐ท Olectra GreenTech currently holds orders for more than 7,000 buses, making it a dominant player in the industry. Recently, the company secured several major orders from renowned organizations such as BEST, TSRTC, and MSRTC.
๐ท TSRTC has placed an order for 550 buses, while BEST and MSRTC have ordered 2,100 and 5,150 buses respectively. With these orders, the company has received orders for over 7,000 buses, further solidifying its market position.
๐ท Expanding Focus on the 3-Wheeler Segment: After achieving remarkable success in the electric bus segment, Olectra GreenTech is now shifting its focus towards 3-wheelers. The company is also exploring opportunities in the auto and electric truck segments.
๐ท Olectra GreenTech’s Recent Hydrogen Bus Launch: At the beginning of this month, Olectra GreenTech, with the support of Reliance, introduced a hydrogen bus. This move showcases the company’s commitment to exploring sustainable and eco-friendly alternatives.
๐ท Strong Financial Performance: In the last quarter, Olectra GreenTech reported a net profit of โน27 crores, surpassing the previous year’s profit of โน15 crores in the same quarter. The company’s total revenue during October-December 2023 stood at โน342 crores, witnessing a year-on-year growth of 33.6%.
๐ท Remarkable Share Price Performance: Olectra GreenTech’s shares have witnessed a staggering 80% surge in the last six months, making it a lucrative investment option. Institutional investors have also seen a substantial growth of 320% in just one year. The company’s market capitalization exceeds โน16,000 crores.
With the growing demand for electric vehicles and Olectra GreenTech’s strong market position, the company is poised to become a leader in the sustainable transportation sector. Stay tuned for more updates on Olectra’s exciting journey! ๐๐
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.
