Stock to buy: Anand Rathi recommends Olectra Greentech as its stock pick of the month
₹1,600 - 1,700 , Olectra Greentech share price has successfully broken out of a bearish trendline that had persisted for 3 - 4 months. “Olectra Greentech stock is now comfortably maintaining its position above this trendline, indicating a strong upward movement.
From an indicator perspective, the weekly stochastics have reversed near the oversold zone and have formed a bullish crossover, which is a positive sign for potential gains, Anand Rathi said in a note.Also Read: Stocks in focus: Ruchit Jain of 5paisa recommends buying these stocks to buy todayBased on this analysis, the brokerage firm recommends that traders and investors consider taking a long position in Olectra Greentech shares in the range of ₹1,785 - 1,815. The target for this upward move is set at ₹2,020, with a stop loss placed at ₹1,690.Olectra Greentech is India’s largest pure electric bus manufacturer.
The company has its manufacturing facilities at Hyderabad. It is India’s first ever electric bus manufacturer having manufactured and deployed all variants of Electric Buses in India.
The company is said to be expanding its product line in the e-mobility segment for electric trucks and electric tippers.Also Read: Stocks to buy or sell: Sumeet Bagadia recommends 5 breakout stocks todayThe company reported a consolidated net profit of ₹13.71 crore in the quarter ended March 2024, a significant drop from ₹27.01 crore in the year-ago period. Its revenue declined to ₹288.81 crore in Q4FY24 from ₹375.91 crore, YoY.Olectra Greentech share price has gained over 33% year-to-date (YTD), while the stock has jumped more than 158% in one year.
Read more on livemint.com
