Hydrogen Bus Launch Powers Olectra Greentech Shares To Rise 18%

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.

Read Next: Tata Motors Shares Jump As Company Said To Plan ₹8,000-Cr Funding Through EV Division

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their tailpipe when it comes to emissions — a key selling proposition for vehicles that are meant to gradually offload outdated diesel and gasoline systems with these environmentally friendly buses.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.

See also: Is Olectra Greentech Share A Good Buy At Current Price?

Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.

Posted In: Hydrogen Energyhydrogen-fueled carsOlectraOlectra GreentechReliance Industries Ltd
We simplify the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!