Home Market News Olectra Greentech surges 10% following a ₹4,000-crore order win for electric buses

Olectra Greentech surges 10% following a ₹4,000-crore order win for electric buses

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Shares of Olectra Greentech Ltd rallied 10% to hit a fresh 52-week high of ₹2,221.95 apiece on NSE after the Electric Bus Manufacturer received an order from Brihanmumbai Electricity Supply and Transport Undertaking (BEST) for the supply, operation and maintenance of 2,400 electric buses for an order value of ₹4,000 crore.

Olectra Greentech stated in a regulatory filing that the order for supplying 2,400 electric buses will be based on a gross cost contract (GCC) and an opex model for a duration of 12 years.

Olectra will also handle bus maintenance throughout the 18-month contract while delivering the buses.

“The company stated that Olectra Green Tech Limited and Evey Trans Private Limited (‘EVEY’) have been awarded a contract by Brihan Mumbai Electric Supply & Transport Undertaking (BEST/Authority) for supplying, operating, and maintaining 2,400 electric buses on a gross cost contract basis.”

“EVEY shall procure these buses from Olectra Greentech Limited and which shall be delivered over a period of 18 months,” it added.

The company further informed the bourses that the transactions between Olectra and EVEY are to be considered as related party transactions and will be conducted at arm’s length basis.

Explore the historical prices of Olectra Greentech shares

What’s remarkable is that a year ago, Olectra Greentech shares were priced at Rs 380, and within just one year, they have soared by 449% to Rs 2222. According to BSE analytics, the company’s shares have yielded a return of 54.03% in 2024 thus far.

Over the last three months, the stock has surged by 68.12%, and over the past year, it has risen by 449%. Moreover, in the last three years, the stock has skyrocketed by 1145.89%, and in the last decade, it has seen an astonishing increase of 26688.97%.

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