Olectra Greentech Shares Jump Over 50% Since Hitting 52-Week Low Last Month: What's Going On?

Shares of Olectra Greentech continued their dream run that started after the company launched its hydrogen bus late last month. Shares of the company jumped another 5% on Wednesday.

What Happened: Shares of the company have surged over 10% in the last five sessions. The company has had an eventful past few weeks as after announcing the launch of its Hydrogen bus, the company announced its e-Tipper getting the regulatory nod for roadworthiness. The company also hinted that it was close to securing its first order for 20 e-tippers.

Talking about the nod, the company’s chairman and managing director, KV Pradeep, had said that the company will shortly launch variants of the e-tipper and electric truck going forward. “It is just the beginning of our journey,” Pradeep added.

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Earlier this week, the e-mobility company received a government order for 550 e-buses. The contract would be worth around ₹1,000 crore.

The company has spelled quite a comeback as it had just hit its 52-week low of ₹374.35 on Feb. 23 – when it announced the launch of the hydrogen bus in partnership with Reliance Industries. Since then the company’s shares have skyrocketed by over 50%.

Price Action: Olectra Greentech shares were trading 4.54% higher at ₹561.00 in the late hours of trading on Monday.

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