Shares of Olectra Greentech jumped over 10% on Wednesday to hit its six-month high of ₹647.95 on Thursday.
What Happened: Shares of the e-mobility company have been on the up for the past few weeks after it announced the launch of its Hydrogen bus in partnership with Reliance Industries. Since then the company’s stock has surged by around 57%.
The company has made several other positive announcements since then that have kept fuelling the stock’s dream run. The company e-tipper received a regulatory nod for roadworthiness, and the company also informed that it was in the advanced stages of closing its first order for 20 e-tippers.
The company’s subsidiary Evey Trans Private Limited (EVEY) bagged a government contract for 550 electric buses. The contract is worth ₹1,000 crore for Olectra.
Price Action: Olectra Greentech was up 14.31% to trade at ₹643.45 on Thursday afternoon.
Get Ring The Bell, Benzinga India’s weekly briefing. Designed specifically for investors like you.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.