Olectra Shares Surge 7% Today: What's Going On?

Olectra Greentech emerged as a top gainer on Tuesday as shares of the company jumped over 7% on Tuesday to hit an intraday high of ₹697.95.

What Happened: Olectra shares price continued to make gains for the third straight session on Tuesday. It isn’t immediately clear what’s driving the surge today, but the company has had a great past few months at the bourses. Olectra share price is up 33% since the start of the year. Fellow EV maker JBM Auto is also seeing a similar surge today. JBM Auto share price surged up around 5% to hit a new 52-week high of ₹781.

See Also: Is Olectra Greentech Share A Good Buy At Current Price?

The company had earlier this month announced that it acquired a 26% stake in 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.

The EV company has also benefitted from the recent state government budget announcements that have increased focus on EV buses.

Price Action: Olectra’s share price was up 5.78% to trade at ₹687.15 on Tuesday afternoon.

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