Olectra Greentech Shares Surge 13% as Company Secures Rs 10,000 Crore Order

10 Jul 2023 , 02:28 PM

Olectra Greentech shares continued their upward trajectory, rising by an additional 13% on the morning of July 10, following the company’s recent order win.

The company secured an order worth Rs. 10,000 crore, which exceeds its current market capitalization, contributing to the surge in its share price.

Over the last three trading sessions, Olectra Greentech shares have soared by 41%, reaching a new high of Rs 1394.40 on the BSE. The increased trading volumes on these days indicate strong bullish momentum.

On July 7, Olectra Greentech announced that it had received a letter of intent from the Maharashtra State Road Transportation Corporation for the supply, operation, and maintenance of 5,150 electric buses and electric civil infrastructure.

This significant order is expected to generate revenue of Rs. 10,000 crore for Olectra Greentech, with the delivery of the vehicles to be completed over a period of 24 months.

Olectra Greentech holds the distinction of being India’s first electric bus manufacturer, specializing in producing and deploying various types of electric buses across the country.

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