Olectra makes 52-week high after receiving an order exceeding its market cap
Today, shares of Olectra Greentech Ltd hit a 52-week high of ₹1251.95 on the BSE today, as investors continued to pile in on the stock. Olectra has a market cap of 10,107 crores and this order of 10,000 crores is almost the size of total market cap of the company.
The contract is on a Gross Cost Contract basis for a period of 12 years. EVEY will procure the buses from Olectra and they will be delivered over a period of 24 months. The value of the bus supply is approximately Rs. 10,000 Crores. Olectra Green tech Limited and Evey Trans Private Limited have received a Letter of Intent (LOI) from Maharashtra State Road Transport Corporation (MSRTC) for the supply, operation, and maintenance of 5,150 Electric Buses and associated infrastructure.
Significant future plans of expansion as the company has already acquired 150 acres of land for developing a state of the art ‘New Greenfield Plant’ for manufacturing of electric vehicles with a capacity to manufacture 10,000 units of buses/trucks per year.
The strong order book and investor interest are being driven by the company’s strong track record in the passenger car and utility vehicals sector. THe company is a leading player in the construction of manufacturing of electric buses and composite polymer insulators projects. The company is also plans expansion of product line in the e-mobility segment for electric trucks such as the electric tipper.
At present, the shares are trading at ₹1231.35 up by 188 points or 18.02 per cent. The shares opened at ₹1045.55 and hit a day high and low of ₹1251.95 and ₹1043.35 respectively. The stock has gained nearly 55 per cent in just one month. On six month basis the stock skyrocketed by 146 per cent and in the long term timeframe the stock has delivered a stellar return of 664 per cent to its shareholder.
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Updated: 07 Jul 2023, 04:12 PM IST
