1,200 per cent returns: Heavy buying witnessed in this multibagger stock; zooms more than 11 per cent to make a new 52-week high!
The stock gave multibagger returns of 385 per cent in just 2 years and over 1,200 per cent returns in 3 years.
On Tuesday, one of the Top Gainers on BSE, shares of Olectra Greentech Ltd zoomed 11.22 per cent to make a new 52-week high of Rs 940.55 per share from its previous closing of Rs 845.70. The stock gave multibagger returns of 385 per cent in just 2 years and over 1,200 per cent returns in 3 years. At 03:30 pm, shares of the company were trading at Rs 908.80 per share, up 7.46 per cent.
On March 06, 2023, Evey Trans Private Limited (EVEY), a wholly-owned subsidiary of the company, received 2 orders from Telangana State Road Transport Corporation (TSRTC) for 550 Electric Buses consisting of 500 buses for intra-city and 50 buses for inter-city operations, respectively. The value of these 550 buses supply would be approximately Rs 1,000 crore for Olectra and they will be delivered in 16 months. Also, the maintenance of these buses shall also be undertaken by Olectra during the contract period.
Olectra Greentech Limited was incorporated in 1992. The Company is primarily engaged in the manufacturing of composite polymer insulators and electrical buses. The company has tied up with BYD (a Chinese battery and electric vehicle maker) for the manufacturing of electric buses. Electric buses are sold under the joint brand name of Olectra BYD.
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According to the financials, Olectra has a market cap of Rs 7,459.50 crore. The company reported stellar Quarterly Results and annual results. The net sales increased by 83.86 per cent to Rs 1,090.76 crore and net profit increased by 87.60 per cent to Rs 64.25 crore in FY23 over FY22.
The shares of the company saw a spurt in volume by more than 3.33 times on BSE. Investors should keep an eye on this electric bus manufacturing company.