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Multibagger EV stock Olectra Greentech secures Rs 62.8 crore order for electric buses

08 December 20233 mins read by Angel One
This achievement not only reinforces Olectra's prowess in electric mobility but also underscores its role in contributing to eco-friendly public transportation.
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On Friday’s optimistic market, the shares of Olectra Greentech Limited zoomed by 1.27%. Additionally, the scrip witnessed a spurt in volume by more than 1.32 times. The company’s current market capitalisation is Rs 10,254.35 crore.

About the order

Recently the company has secured a significant milestone by obtaining a Letter of Award (LOA) from Vasai Virar City Municipal Corporation, Mumbai. The LOA pertains to the supply and maintenance of 40 Electric Buses, emphasizing the company’s commitment to sustainable transportation solutions. The order, valued at Rs 62.80 crore, follows an outright sale basis, with the delivery schedule spanning seven months.

This achievement not only reinforces Olectra’s prowess in the electric mobility sector but also underscores its pivotal role in contributing to eco-friendly and efficient public transportation in Vasai Virar City. The company’s dedication to providing innovative and environmentally conscious solutions is evident in this latest recognition and contract award.

About the company 

Established in 1992, Olectra Greentech Limited has been a prominent player in the industry. The company focuses on manufacturing composite polymer insulators and electric buses, showcasing its commitment to innovation and sustainability. With its registered office situated in Hyderabad, Olectra Greentech Limited has carved a niche for itself in the market, contributing to advancements in both electrical infrastructure and eco-friendly public transportation solutions.

Check: Best EV Stocks in India

Business verticals

The product-wise distribution highlights the diverse portfolio of the company. The E Bus division commands a significant share, contributing 82.76% to the overall value. Following closely is the Insulator division, accounting for 10.35%, showcasing the company’s presence in this segment.

The e-truck division holds a notable share at 6.89%, reflecting its contribution to the product mix. This delineation underscores the strategic emphasis on electric mobility solutions and insulation technologies in the company’s product portfolio.

Furthermore, the stock has witnessed significant buying activity as it has given multibagger returns of more than 140% on a YTD basis.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.

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