Ola Electric Mobility rides high as its S1 X 3 kWh, 4 kWh scooters get PLI certification
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Ola Electric Mobility is currently trading at Rs. 138.96, down by 1.24 points or 0.90% from its previous closing of Rs. 137.72 on the BSE.
The scrip opened at Rs. 142.16 and has touched a high and low of Rs. 143.80 and Rs. 135.26 respectively. So far 4270320 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 157.53 on 20-Aug-2024 and a 52 week low of Rs. 75.99 on 09-Aug-2024.
Last one week high and low of the scrip stood at Rs. 157.53 and Rs. 117.00 respectively. The current market cap of the company is Rs. 60423.96 crore.
The promoters holding in the company stood at 70.65%, while Non-Institutions held 29.35% in the company.
Ola Electric Mobility’s mass-market scooters S1 X 3 kWh and S1 X 4 kWh has received Certification for Compliance with the eligibility assessment requirements as per the Production Linked Incentive (PLI) Scheme for the automobile and auto components. Both the S1 X 3 kWh and S1 X 4 kWh scooters have successfully met the stringent minimum localization criteria of 50%, as mandated by the Ministry of Heavy Industries.
With this, Ola Electric has become the only 2W and pure-play EV manufacturer to receive the certification for compliance with the eligibility assessment requirements (PLI certificate) for four products - S1 Air, S1 Pro, S1 X (3 kWh, and 4 kWh). The company had earlier received the certificate for S1 Air at the Auto PLI Conclave organised in January 2024.
The certification has been granted by The Automotive Research Association of India (ARAI) after testing of the product and checks on the localisation of the components. Under the scheme, Ola Electric is eligible for incentives for up to five consecutive financial years, commencing from Fiscal 2024. The incentive would range between 13% and 18% of the “determined sales value” (DSV) of the products.
Ola Electric has also been awarded 20GWh capacity by the government under its PLI scheme for Advanced Chemistry Cell (ACC) Battery storage in March 2022. The company is eligible to receive incentives under the Cell PLI scheme over a five-year period from the date of commissioning of the Ola Gigafactory in Krishnagiri, Tamil Nadu.
Ola Electric Mobility is an electric vehicle company that primarily manufactures electric vehicles and certain core components for electric vehicles such as battery packs, motors, and vehicle frames at the Ola Futurefactory.
