Olectra Greentech Ltd shares rose sharply in Friday’s trade to scale their one-year high level. The stock surged 10.70 per cent to hit a 52-week high of Rs 1,493.50. At this price, the multibagger scrip has rallied 298.96 per cent from its one-year low of Rs 374.35, a level seen on February 23 last year. The sharp up move came on the back of bagging meaningful orders to deliver electric-buses and its partnership with Reliance Industries Ltd (RIL) for hydrogen buses.
Recently, the company has informed BSE about a media interaction with its Chairman and Managing Director (CMD) KV Pradeep. “Olectra currently has more than 9,000 bus orders and has successfully delivered 232 buses in the first half of the fiscal year 2023-24 (FY24). The e-bus maker is poised to double the delivery number during the second half (FY24). By FY25, we are planning to deliver 2,500 business,” the Olectra CMD stated in the mentioned interview.
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