Multibagger in just 6 months: This electric vehicle manufacturing company receives order worth Rs 395.12 crore from Megha Engineering & Infrastructure Ltd!
The stock gave multibagger returns of 180 per cent in just 6 months and over 1,900 per cent returns in 3 years.
Olectra Greentech Ltd informed that the company has received an order worth Rs 395.12 crore from Megha Engineering & Infrastructure Ltd (MEIL). The order includes the construction of the greenfield electric vehicle manufacturing facility on 150 acres of land situated at Seetharampur, Hyderabad, Telangana (Greenfield EV Manufacturing Facility) and it will be completed within 12 months from LOA.
Previously, the company received a huge order from Maharashtra State Road Transport Corporation (MSRTC) relating to the supply, operation and maintenance of 5,150 electric buses and allied electrical and civil infrastructure on a gross cost contract basis. The order was valued at Rs 10,000 crore, which was almost equivalent to the company's current market capitalization of Rs 10,000 crore.
On Thursday, shares of Olectra Greentech Ltd surged 2.93 per cent to Rs 1,345 per share from its previous closing of Rs 1,306.65. The stock gave multibagger returns of 180 per cent in just 6 months and over 1,900 per cent returns in 3 years. At 03:30 pm, shares of the company were trading at Rs 1,298.75 per share, down 0.60 per cent.
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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.
The company reported amazing numbers in its 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. Investors should keep an eye on this electric bus manufacturing company.
Disclaimer: The article is for informational purposes only and not investment advice.