Olectra Greentech Skyrockets 8% Today: What's Behind The Latest Surge

Shares of Olectra Greentech have surged around 18% in the last five sessions. The EV manufacturer continued momentum on Thursday as the stock surged over 8%.

What Happened: The company on Wednesday informed the exchanges that its 6×4 heavy-duty electric tipper has received a roadworthiness certificate from the Indian automobile regulatory agencies. “The electric tipper is now roadworthy, adhering to all the Central Motor Vehicles Rules,” the company added in a regulatory filing.

The EV company also said that is in the final stage of discussions of procuring its first order for 20 e-tippers. However, the company did not provide any further details about the deal.

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The company’s chairman and managing director, KV Pradeep, said, that e-tipper will bring significant changes to the construction, infrastructure, mining, and quarrying sectors. Pradeep added that the ‘cost effective’ e-tipper will help companies improve their operating margins.

“We are shortly going to launch variants of the e-tipper and electric truck. It is just the beginning of our journey," he added.

The news comes on the heels of the company launching its hydrogen bus in collaboration with Reliance Industries last month.

Price Action: Olectra Greentech was up 8.07% to trade at ₹537.00 as the markets opened on Thursday.

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Posted In: automobile industryEVsOlectra GreentechReliance Industries Ltd