Olectra Greentech soars as its arm gets LoA for 300 electric buses

Olectra Greentech is currently trading at Rs. 653.75, up by 9.25 points or 1.44% from its previous closing of Rs. 644.50 on the BSE.

The scrip opened at Rs. 658.00 and has touched a high and low of Rs. 659.65 and Rs. 645.45 respectively. So far 24699 shares were traded on the counter.

Olectra Greentech
Olectra Greentech

The BSE group ‘A’ stock of face value Rs. 4 has touched a 52 week high of Rs. 940.45 on 16-Dec-2021 and a 52 week low of Rs. 233.05 on 23-Jul-2021.

Last one week high and low of the scrip stood at Rs. 659.65 and Rs. 597.85 respectively. The current market cap of the company is Rs. 5381.62 crore.

The promoters holding in the company stood at 50.02%, while Institutions and Non-Institutions held 9.05% and 40.93% respectively.

Olectra Greentech’s subsidiary company — Evey Trans (EVEY) has received Letter of Award (LoA) from one of the State Transport Corporations for 300 Electric Buses under FAME-I1 scheme of Government of India.

This order for supply of 300 Electric Buses is on Gross Cost Contract (GCC) / OPEX model basis for a period of 12 years (Contract Period). EVEY shall procure these buses from Olectra Greentech Limited (Olectra) and which shall be delivered over a period of 20 months. Maintenance of these buses shall also be undertaken by the Olectra during the Contract Period. The value of these 300 Buses supply would be approximately Rs 500 crore for Olectra. These transactions between Olectra and EVEY are to be considered as related party transactions and shall be at arm’s length basis.

Olectra Greentech is primarily engaged in the manufacturing of composite polymer insulators and electrical buses.

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