Olectra Greentech shares rally 13% to hit 52-week high; doubles investors’ money in three months

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Olectra Greentech Ltd, the electric bus manufacturer, rallied over 13% on Monday to touch a fresh 52-week high of ₹1,394.40 apiece on the BSE. The stock witnessed a massive surge of 18% on Friday after the company won a huge order. Olectra Greentech share price has jumped more than 40% in the last three sessions, while the stock is up more than 107% in three months, doubling investors’ wealth.

Olectra Greentech shares have given over 1,965% returns in three years. The recent rally in the Olectra Greentech shares comes after the company won an order worth ₹10,000 crore. “Consortium of Olectra Greentech Limited and Evey Trans Private Limited (EVEY) has received a Letter of Intent (LOI) from Maharashtra State Road Transport Corporation (MSRTC) relating to Supply, Operation and Maintenance of 5,150 Electric Buses and allied Electrical and Civil Infrastructure on Gross Cost Contract Basis," the company informed in an exchange filing on July 7.

The value of these 5,150 Electric Buses would be approximately ₹10,000 crore for Olectra. This amount was nearly the same as the company’s overall market capitalization on Friday. Olectra Greentech’s total market capitalization surged to over ₹11,254 crore on Monday.

Also Read: Reliance share price jumps 2.5% after Jio Financial Services demerger record date announcement. Do you own? This order for supply of 5,150 Electric Buses is to be on Gross Cost Contract (GCC) / OPEX model basis for a period of 12 years (Contract Period) respectively. EVEY shall procure these buses from Olectra and which shall be delivered over a period of 24 months.