Rs 10,000 crore order: This multibagger electric bus manufacturer secures orders for 5,150 electric buses from Maharashtra State Road Transport Corporation!

Shares of the company have gained more than 17 per cent on Friday.

Olectra Greentech Limited informed in the exchange filing that the Consortium of Olectra Greentech Limited and Evey Trans Private Limited has received a Letter of Intent from Maharashtra State Road Transport Corporation (MSRTC) relating to supply, operation, and maintenance of 5,150 Electric Buses and allied electrical and civil infrastructure on gross cost contract basis.

EVEY shall procure these buses from Olectra Greentech Limited and should be delivered over a period of 24 months. The value of these 5,150 electric buses supply would be approximately Rs. 10,000 crores for Olectra. Maintenance of these buses shall also be undertaken by Olectra during the Contract Period of 12 years.

Olectra Greentech Ltd has delivered multibagger returns to its shareholders in the last one year. During this period, the company’s share price jumped from Rs 577.00 on July 11, 2022, to Rs 1231.35 on July 07, 2023, an increase of 113 per cent in the one-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.

On Friday, the stock opened at Rs 1045.55, with a high and low of Rs 1251.95 and Rs 1043.60. The stock closed trading at Rs 1231.35, up by 18.02 per cent.