Olectra Greentech Share Price: Stock gives 37 pc returns in just one week - How your money would have grown

Olectra Greentech Share Price: If the stock’s performance in the past five trading sessions (Monday - Friday) is taken into account, Olectra Greentech shares have soared as much as 37 per cent and nearly 70 per cent in the last 10 trading sessions. But what’s aiding this rally in the stocks of the electric bus manufacturer?

Written by: ET Now Digital

Updated Mar 10, 2023 | 12:35 PM IST

Olectra Greentech Share Price: Stock gives 37 returns in just one week - How your money would have grown

Photo : ET Now Digital
Olectra Greentech Share Price: Shares of electric bus maker Olectra Greentech have given generous returns to its shareholders in just a week and are continuing their upward movement even on Friday. The stock surged to hit a fresh 52-week high of Rs 743.35 in early trade today, however it was trading a tad lower at Rs 687.70 at 12:04 pm.
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If the stock’s performance in the past five trading sessions (Monday - Friday) is taken into account, Olectra Greentech shares have soared as much as 37 per cent and nearly 70 per cent in the last 10 trading sessions. But what’s aiding this rally in the stocks of the electric bus manufacturer?
If you owned 100 shares of Olectra at Rs 54,055 at Rs 540.55 per share, they would have grown to Rs 74,335 at Rs 743.35, a profit of Rs 20,280 in just a week.
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What’s behind Olectra Greentech Stock Rally?
The shares are on their upward trend since the company on February 23 announced it is set to roll out Hydrogen buses in technical partnership with Reliance . Olectra, a subsidiary of Megha Engineering and Infrastructures Ltd (MEIL), is set to offer the next-generation transport system to the Indian market.
Olectra’s hydrogen bus will be a 12-metre low-floor bus with a customisable seating capacity of between 32 to 49 seats along with a driver seat. In a single hydrogen fill, it would be able to travel up to 400 km (approximately from Delhi to Shimla). “Hydrogen for this range coverage takes just about 15 minutes,” the bus maker stated.
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What further added to the rally was the company’s recent announcement that it has bagged an order for 550 pure electric buses worth Rs 1,000 crore from the Telangana State Road Transport Corporation (TSRTC). EVEY (Evey Trans Private Limited) shall procure these buses from Olectra Greentech, and which shall be delivered over a period of 16 months. The value of these 550 Buses supply would be approximately Rs 1,000 Crores for Olectra, the company announced.
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