As the future of the electric vehicle sector is clear, shares of automobile companies in this sector are soaring in the stock market. Shares of Olectra Greentech Limited rose by 18 percent in today’s trading. The company’s shares soared after it announced it was developing a hydrogen-powered bus.
First Published Feb 24, 2023, 5:34 PM IST
Stock markets have lost heavily this week. The domestic benchmark index Nifty plunged more than 500 points this week to close below the 17,500 level in late trade on Friday. It has been a very volatile week for the Nifty. The BSE Sensex lost almost 150 points on Friday. Nifty Midcap Nifty Smallcap also closed negative. Although the market is volatile, some stocks have seen tremendous buying interest, especially today the shares of Olectra Greentech Limited rose by 18 percent. This company, which manufactures electric buses, recently joined hands with Reliance. But today the company’s shares skyrocketed as it announced that it will soon launch a hydrogen-powered bus in the market. They skyrocketed and rose by 18%.
On February 23, 2023, Olectra Greentech Limited announced in an exchange filing that it has developed the Olectra Hydrogen Bus with its partner Reliance. It claims that its bus is a carbon-free alternative to traditional public transport. The company said that this is the first generation vehicle of its kind in the world to run on money.
In the face of negative impacts of depletion of natural resources like crude oil, air pollution and carbon emissions, Olectra has taken the initiative to accelerate the development of hydrogen-powered buses. The initiative will help the Indian government to achieve its carbon-free hydrogen ambitions, it said. Due to this, the company’s shares have increased hugely.
It should be noted that Olectra Greentech Ltd has delivered multibagger returns to its shareholders in the last two years. The share price of the company on 24 February 2021 was Rs. 185.25 on 23 February 2023 to Rs. increased to 476.5. That means it has increased by 157 percent over the two-year holding period.
Olectra Greentech Limited was established in 2000. The company has been engaged in the manufacturing of polymer insulators since 2003. The company has tied up with BYD (Chinese battery electric vehicle manufacturer) to manufacture electric buses. The electric buses are sold under the joint brand name Olectra BYD. Today the company’s share is Rs. 430, up to Rs. Increased to 480. Currently, this share has increased by 18.53 percent and is trading at Rs.476.55.
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