Shares of the electric bus manufacturer Olectra Greentec have rallied over 108 percent in one year outperforming the S&P BSE Auto index which has gone up by 32 percent in the last one year.
Shares of Olectra Greentech climbed over 4 percent in early morning trade on Monday after the company bagged an order worth Rs 151 crore for supplying 100 electric buses to the Assam State Transport Corporation.
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At 9:34 am Olectra Greentech shares were trading at Rs 651, a 2 percent upside from the previous close in the BSE.
"This order for the supply of 100 electric buses is on an outright sale basis and which shall be delivered over a period of 9 months. Company shall be responsible for maintenance of these buses for a period of 5 years," Olectra Greentech said in a regulatory filing.
New orders boost shares
Shares of the electric bus manufacturer have rallied over 108 percent in one year outperforming the S&P BSE Auto index which rose 32 percent in the last one year.
Recently, Olectra won an order to supply 300 electric buses worth Rs 500 crore to Telangana State Road Transport Corporation (TSRTC). According to the statement, Evey Trans Private Ltd shall procure these buses from Olectra Greentech Ltd, which shall be delivered over a period of 20 months.
In May Olectra Greentech won an order worth Rs 3,675 crore to supply 2,100 electric buses to the Brihanmumbai Electric Supply & Transport (BEST) which is Mumbai's public transport service and electricity provider. According to reports, this was India's largest electric mobility order ever.
“Evey Trans Private Limited (EVEY) has been declared as L- 1 (Least Quoted) bidder (as per the disclosure given on 07th May 2022), now it is awarded Letter of Award for 2,100 Electric Buses from one of the State Transport Undertakings,” the electric bus manufacturer said in a regulatory filing.
On September 1 Olectra Greentech announced that its board has approved a plan to raise up to Rs 800 crore through the issuance of securities.
In order to raise funds, the company plans to issue equity shares and/or sell securities convertible into equity shares. It said in a statement that these could include warrants issued through private offerings.
Olectra Greentech reported a strong financial performance in the April-June quarter. The revenue for the quarter grew by 640 percent and stood at Rs 304.7 crore as against Rs 41.2 crore for the corresponding period a year ago. The company had an order to supply 169 electric buses during the quarter, as against only 11 buses delivered in the first quarter of the financial year 2022.
(Edited by : Nishtha Pandey)
First Published: IST