Multibagger Update: This electric bus manufacturing company develops hydrogen bus in partnership with Reliance

Shares of the company have jumped more than 18 per cent today.

On February 23, 2023, Olectra Greentech Limited informed in the exchange filing that Olectra in association with technology partner Reliance has developed a Hydrogen bus. The bus is a carbon-free alternative to traditional public transport. The bus is a carbon-free alternative to traditional public transport.

In the wake of the depletion of natural resources and the negative impacts of air pollution and emissions, Olectra has taken the initiative to accelerate the development of Hydrogen-powered buses. This initiative will help out the Indian Government to achieve its carbon-free hydrogen ambitions.

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 185.25 on 24 February 2021 to Rs 476.5 on 23 February 2023, an increase of 157 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 430, with a high and low of Rs 480 and Rs 425.55. The stock is currently trading at Rs 476.55, up by 18.53 per cent.