Olectra Greentech share price was up close to 5% on Monday as company recovered from last week’s losses.
What Happened: The EV company on Saturday, April 1, informed that it had acquired a 26% stake EVEY
TRANS (TEL) PRIVATE LIMITED. The company is a Special Purpose Vehicle created for executing a Telangana
State Road Transport Corporation (TSRTC) contract it received last month. As per the contract the company will supply 550 e-buses to TSRTC.
The SPV is created in partnership with EVEY TRANS PRIVATE LIMITED, which owns the remaining 74% stake. Olectra Greentech acquired a 34% stake in EVEY last year. The company will also be responsible for the maintenance of the said buses. The buses are to be delivered over 16 months.
The stock had a slow last week as it slumped around 2%. However, Olectra share price has been on a dream run since the company launched its Hydrogen bus in partnership with Reliance.
Price Action: Olectra share price was up 4.23% to trade at ₹644.60 in the late hours of trading on Monday.
Get all the latest Share Market trends and news to set you up for the week ahead.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.