Olectra Greentech shares skyrocket 35% in 2-days, hit fresh 52-week high on Rs 10,000 cr-order win
Olectra Greentech rallied 35% in the last two trading sessions on BSE after the company won an order worth Rs 10,000 crore. Meanwhile, in Monday's trade, the company's shares surged over 14% to Rs 1,409 on BSE. «Consortium of Olectra Greentech Limited and Evey Trans Private Limited (EVEY) 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 said in an exchange filing on Friday.
The order value of these 5,150 electric buses would be approximately Rs 10,000 crore for Olectra. The order value was nearly the same as the company's overall market capitalization on Friday. EVEY shall procure these buses from Olectra and which shall be delivered over a period of 24 months.
Maintenance of these buses shall also be undertaken by Olectra during the contract period, the company said. At 11.14 am, the scrip was trading 12.3% higher at Rs 1,383 on BSE. Meanwhile, the stock has surged 167% year-to-date, while it has rallied nearly 1,350% in the last 3 years.
Technically, the stock's day RSI (14) is at 89.2. The RSI below 30 is considered oversold, and above 70 is overbought, Trendlyne data showed. MACD is at 65.3, which is above its center and signal Line, this is a bullish indicator.
In Q4 FY23, the company posted a 52% rise in consolidated net profit at Rs 27 crore as compared to nearly Rs 18 crore in the corresponding quarter of last fiscal. Meanwhile, consolidated revenue for Q4FY23 was at Rs 376 crore, which rose 39% from Rs 271 crore in Q4 FY22. Established in 2000, Olectra Greentech is a pioneer in manufacturing electric buses in
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