Olectra Greentech shares surge over 140% in 2023, will the momentum continue?
Olectra Greentech. The stock, which was trading at ₹497 per share at the start of the year (2023), has witnessed an astounding surge of 141% to trade at the current level of ₹1,196.
This year has marked several milestones for the stock, breaking the ₹1,000 mark in June and reaching a new historic peak of ₹1,465 per share the following month. Also Read: India mulls five-year tax cuts for electric vehicles amid bid to woo Tesla Olectra Greentech, part of the MEIL Group, is a small-cap stock with a market cap of ₹9,818 crore.
The company is India’s largest pure electric bus manufacturer, having manufacturing facilities in Hyderabad, India. It is India’s first-ever electric bus manufacturer, having manufactured and deployed all variants of electric buses in India.
According to a recent report from domestic brokerage firm Geojit Financial Services, Olectra Greentech is strategically positioned to benefit from the increasing adoption of electric vehicles (EVs). Also Read: ‘Midcaps, smallcaps too hot; investors should have a large-cap tilt right now’ The brokerage highlighted the company's largest orders from various STUs in India during the last financial year.
These include 550 buses from Telangana State Road Transport Corporation (TSTRC), 2100 electric buses from Brihanmumbai Electric Supply and Transport Undertaking (BEST), and 5150 electric buses from Maharashtra State Corporation (MSRTC). Also Read: Auto sector in Q2 sees better profitability led by raw material savings and cost efficiency, 2HFY24 to be better In addition, the brokerage pointed out that the company is also eyeing the PM e-Bus program's tender for 10,000 buses, which is likely to open tender by next month, as the Government of India has recently announced.
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