Why Olectra Greentech Shares Are Surging Today

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.

See Also: Tata Motors, Hero MotoCorp, and Other Automaker Stocks Accelerate After Strong March Sales

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.

Read Next: If You Invested In Bajaj Auto Shares Instead Of Buying That Pulsar Last Month, Here’s How Much You Would Have Now

Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.

Posted In: MoversTrading IdeasEVsOlectra Greentech