Ola Electric Mobility Ltd share price hit the upper price band on August 19, extending its listing day gains and nearly doubling since market debut.
The stock jumped 10 percent to hit the highest trading permissible limit for the day at Rs 146.03 per share on the Bombay Stock Exchange (BSE). At the National Stock Exchange (NSE), shares of the firm advanced nearly 10 percent to hit the upper circuit limit of Rs 146.38 apiece.
A total of 77.90 lakh shares changed hands today of Ola Electric Mobility Ltd generating a total turnover of Rs 111.21 crore on the BSE. In volume terms, over 977.51 lakh shares of the company were traded on the NSE during the day.
The company's market valuation has jumped to Rs 64,411.35 crore as per data available on the BSE.
Global brokerage HSBC has a 'BUY' tag on Ola Electric. The analysts had recommended a price target of Rs 140 per share.
The company's net loss widened by about 30 percent year-on-year for the quarter ended June 30 to Rs 347 crore. The firm's consolidated revenue from operations rose 32 percent to Rs 1,644 crore as against Rs 1,243 crore in Q1FY24.
New products were announced by the company at its recent Ola Sankalp 2024 event. Ola founder Bhavesh Aggarwal unveiled 'Roadster Series' motorcycles as well as announced that its AI virtual assistant Krutrim will be integrated into Ola Electric scooters.
Shares of Bhavish Aggarwal-led electric two-wheeler company listed flat at Rs 76 on the NSE. However, shortly after the counter surged 20 percent to hit the upper circuit limit.
The Rs 6,145-crore initial public offering of Ola Electric Mobility received 4.27 times subscription on the final day of bidding on Tuesday and had a price band of Rs 72-76 a share.
The Initial Public Offering (IPO), the first by an electric vehicle maker, had a fresh issue of up to Rs 5,500 crore and an Offer-for-Sale (OFS) of up to 8,49,41,997 equity shares.
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