Olectra Greentech soars as its arm bags order from TSRTC for electric buses
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Olectra Greentech is currently trading at Rs. 541.55, up by 20.45 points or 3.92% from its previous closing of Rs. 521.10 on the BSE.
The scrip opened at Rs. 522.05 and has touched a high and low of Rs. 550.00 and Rs. 522.05 respectively. So far 24563 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 4 has touched a 52 week high of Rs. 739.40 on 06-Apr-2022 and a 52 week low of Rs. 374.35 on 23-Feb-2023.
Last one week high and low of the scrip stood at Rs. 558.55 and Rs. 480.00 respectively. The current market cap of the company is Rs. 4277.23 crore.
The promoters holding in the company stood at 50.02%, while Institutions and Non-Institutions held 9.53% and 40.45% respectively.
Olectra Greentech’s subsidiary company -- Evey Trans (EVEY) has received two Letter of Awards (LOAs) from Telangana State Road Transport Corporation (TSRTC) for 550 Electric Buses consisting of 500 Buses for Intra-city and 50 Buses for Inter-city operations, respectively.
These orders for supply of 500 Electric Buses and 50 Electric Buses are to be on Gross Cost Contract (GCC) / OPEX model basis for a period of 12 years and 10 years (Contract Period) respectively. EVEY shall procure these buses from Olectra Greentech and which shall be delivered over a period of 16 months. The value of these 550 Buses supply would be around Rs 1,000 crore for Olectra.
Olectra Greentech is primarily engaged in the manufacturing of composite polymer insulators and electrical buses.
