Multibagger Update: This electric bus manufacturer bags orders for 550 electric buses worth Rs 1,000 crore!
Shares of the company have jumped more than 5 per cent in the morning trade.
On March 06, 2023, Olectra Greentech Limited informed in the exchange filing that Evey Trans Private Limited (EVEY) has received two Letter of Awards (LOAs) 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. EVEY shall procure these buses from Olectra Greentech Limited and they shall be delivered over 16 months.
The value of these 550 buses supply would be approximately Rs 1,000 crore for Olectra. Maintenance of these buses shall also be undertaken by Olectra during the contract period.
Olectra Greentech Ltd has delivered multibagger returns to its shareholders in the last two years. During this period, the company’s share price jumped from Rs 186.75 on March 5, 2021, to Rs 521.10 on February 23 2023, an increase of 179 per cent in the two-year holding period.
Olectra Greentech Limited was incorporated in 2000. The company has been engaged in manufacturing polymer insulators since 2003. 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.
Today, the stock opened at Rs 522.05, with a high and low of Rs 550 and Rs 522.05. The stock is currently trading at Rs 535.10, up by 2.69 per cent.