Shares of Olectra Greentech Ltd rose sharply in Tuesday’s trading session. The stock surged 8.80 per cent to hit a day high of Rs 1,891.85. It was last seen trading 6.45 per cent up at Rs 1,851. At this price, the scrip has gained 47.48 per cent in the last six months.
Domestic brokerage Geojit has given a ‘Buy’ call on the counter with a 12-month target price of Rs 2,086. “Q4 FY24 revenue de-grew by 23 per cent (YoY) owing to new battery norms and delays in execution owing to pending government approvals. Margin contracted by –137 basis points (bps) owing to lower operating leverage and an increase in other expenses. However, for the full year, the margin expanded by 127 bps and came at 14.2 per cent,” the brokerage stated.
“The company has bagged some of the biggest orders from various STUs in India in the last financial year, which include 550 buses from Telangana State Road Transport Corporation (TSTRC), 2,100 electric buses…
