Olectra Greentech, a leading electric bus manufacturer, has witnessed a remarkable surge of 35% in its share price over the past two trading sessions. This surge comes in the wake of the company securing a massive order worth Rs 10,000 crore.
The order was received by a consortium formed by Olectra Greentech Limited and Evey Trans Private Limited (EVEY) from the Maharashtra State Road Transport Corporation (MSRTC). The order entails the supply, operation, and maintenance of 5,150 electric buses, along with the necessary electrical and civil infrastructure.
This substantial order value of Rs 10,000 crore is almost equivalent to the company's total market capitalization as of Friday. EVEY, in partnership with Olectra, will acquire the buses and ensure their delivery within a period of 24 months. Olectra will also be responsible for the maintenance of these buses throughout the contract period.
The news of this significant order has propelled Olectra Greentech's shares, with a 14% surge observed in Monday's trade, reaching a fresh 52-week high of Rs 1,409 on the Bombay Stock Exchange (BSE). Throughout this year, the stock has seen a remarkable surge of 167%, showcasing its impressive growth. Over the last three years, the stock has experienced an astonishing rise of almost 1,350%, indicating its tremendous success and upward trajectory.
Technically, the stock's RSI for the day is 89.2, which suggests that the stock is currently considered to be overbought. Additionally, the Moving Average Convergence Divergence (MACD) is at 65.3, further supporting a bullish outlook.
In terms of financial performance, Olectra Greentech recorded a 52% increase in consolidated net profit, amounting to Rs 27 crore, during Q4 FY23 compared to the corresponding quarter of the previous fiscal year. Consolidated revenue for Q4 FY23 stood at Rs 376 crore, reflecting a significant 39% growth from Q4 FY22.
Established in 2000, Olectra Greentech has been at the forefront of electric bus manufacturing in India. It is also the largest manufacturer of silicone rubber/composite insulators for power transmission and distribution networks in the country. With this recent order win and its continued growth, Olectra Greentech is poised for further success in the electric mobility sector.