Olectra Greentech’s Share Price Jumps Over 4% After Securing ₹424 Crore Order for 297 Electric Buses

Shares of Olectra Greentech Limited saw a sharp rise of over 4% following the announcement of a major contract win from Himachal Road Transport Corporation (HRTC). The electric mobility player has received a Letter of Award (LOA) for the supply and maintenance of 297 electric buses, marking another milestone in its journey to bolster sustainable public transportation in India.

Contract Details: Outright Sale and Maintenance

As per the official filing, the order involves an outright sale model, coupled with ongoing maintenance of the electric buses. The total contract value stands at approximately ₹424.01 crore. The project is slated for execution over an 11-month period from the date of the LOA.

Client and Execution Timeline

The order has been awarded by the Himachal Road Transport Corporation (HRTC), a domestic government transport body. Olectra will be responsible for delivering the buses as well as handling their maintenance during the specified contract tenure. The complete execution is expected to be spread out within 11 months, adding to the company’s existing pipeline of projects in electric mobility.

Positive Market Reaction

Olectra Greentech’s share price witnessed renewed investor interest following the announcement, with the share price rising over 4% during intraday trading as of 10:59 AM. The move underscores the market’s positive sentiment around the company’s growing role in India’s electric vehicle transition, especially in the public transport segment.

Conclusion

While the order itself adds a substantial revenue stream for Olectra Greentech, it also strengthens the company’s position in the EV ecosystem. The timely execution and maintenance of this contract will be crucial as the firm continues to expand its presence across various Indian states.

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