Olectra Greentech shares were surging through the roof for a second straight day at the BSE.
What Happened? The electric bus manufacturer saw an incredible rise in stock value after the company unveiled a hydrogen-powered bus on Thursday that has been co-developed with Reliance Industries Ltd (RIL).
A carbon-free alternative to public transportation powered by non-renewable energy sources, Olectra’s hydrogen bus aims to contribute to the nation’s environmentally sustainable energy security.
Per an exchange filing, the 12-metre low-floor bus comes with a customisable seating capacity of 32 to 49 seats for passengers and one driver seat.
In terms of economy and range — key metrics for any vehicle dubbed as a carbon-free alternative, Olectra claims that a single hydrogen fill allows the bus to travel up to 400 km while a fill takes about 15 minutes.
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These vehicles only emit water through their tailpipe when it comes to emissions — a key selling proposition for vehicles that are meant to gradually offload outdated diesel and gasoline systems with these environmentally friendly buses.
On top of the bus lie type-4 hydrogen tanks which are capable of withstanding temperatures between (-) 20 and (+) 85 degrees Celsius.
Olectra hopes to put these vehicles on the market within the next year.
A pioneer in manufacturing electric buses in India, the company with a market capitalisation of roughly ₹3,926.3 crore, is also the country’s largest silicone rubber band composite insulators manufacturer for power transmission and distribution networks.
Price Action: Olectra Greentech shares were up 17.39% at ₹471.95 on Friday afternoon. Shares of Reliance Industries were 0.68% at 2,383.65.
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