Shares of Olectra Greentech – that have surged over 15% in the last month – were up close to 4% on Monday as the company bagged a ₹1000 crore government contract.
What Happened: The EV company on Monday that its subsidiary Evey Trans Private Limited (EVEY) bagged a contract for 550 electric buses from Telangana State Road Transport Corporation (TSRTC). Olectra Greentech acquired a 34% stake in EVEY last year.
The company informed the exchanges that the order is for 500 intra-city and 50 inter-city buses. The order will be worth around ₹1,000 crore for Olectra. The company will also be responsible for the maintenance of the said buses. The buses are to be delivered over a period of 16 months.
The news comes on the heels of the company announcing that it was close to getting its first order of the e-tipper.
Price Action: Olectra Greentech was up 4.39% to trade at ₹544.00 in the afternoon hours of trading on Monday.
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