Company Takes Orders for Over 9,000 Buses, Shares Rise Steadily!

Akash Kumar Mishra
3 Min Read
Olectra Greentech Electric Bus

Olectra Greentech Share: Amid huge fluctuations in the market, there was tremendous demand for shares of electric bus manufacturing company Olectra Greentech Limited on Wednesday. During trading on the third trading day of the week, the shares of this company rose by 15 per cent to a price of Rs 1748. The closing price was Rs 1707.05. This shows an increase of 11.05% compared to Rs 1537.20 a day earlier.

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When How Much Return

This Multibagger Stock Return has given more than 300 per cent returns from its one-year low of Rs 374.35. On February 23 last year, the stock had seen a level below Rs 375. If we look at the returns of different periods compared to BSE, they have been positive. This stock has risen more than 1150 per cent in three years. Its maximum return is more than 6000%. In the long term, this share has reached the current price of Rs 27.

Let us tell you that the reason for the rise in the shares of Olectra Greentech Limited is the positive news related to the company. Last year, the company received many orders at a rapid pace. Getting orders for the delivery of electric buses and a partnership with Reliance Industries Limited (RIL) for hydrogen buses have been significant benefits.

Company Plan

The new facilities of Hyderabad-based electric bus manufacturer Olectra Greentech are expected to be operational from July 2024. It will start with an initial capacity of 5,000 buses, gradually increasing to 10,000. The company plans to deliver at least 2,500 buses in FY25.

Company MD KV Pradeep told CNBC in an interview that Olectra has more than 9,000 bus orders and has successfully delivered 232 buses in the first half of the financial year. It is set to deliver an additional 500 buses in the second half.

Keep An Eye On Government Schemes

The company is also eyeing the PM e-Bus service program. Under this program, the government will run 10,000 electric buses in different parts of the country. Let us inform you that the Central Government announced the launch of “PM-eBus Seva Yojana” in August 2023 to increase bus operations by deploying 10,000 electric buses on the PPP model.

About The Company

It is a Megha Engineering & Infrastructure Limited (MEIL) subsidiary and manufactures electric buses in India. The company is India’s largest silicone rubber/composite insulator manufacturer for power transmission and distribution networks.

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By Akash Kumar Mishra Co-founder and Journalist
Akash is a seasoned journalist and the co-founder of our organization. As managing editor, he oversees our editorial operations and ensures that our content is accurate, relevant, and engaging. Akash's extensive journalism experience and passion for delivering high-quality news make him an invaluable team member.