Olectra Greentech shares jump 6% as operations begin at Hyderabad EV plant; JBM Auto up 8%

Olectra Greentech shares jump 6% as operations begin at Hyderabad EV plant, JBM Auto up 8%

• Olectra Greentech starts EV factory operations in Hyderabad
• Olectra Greentech shares jump 6 percent, JBM Auto rises nearly 8 percent
• Hyderabad facility can produce 2,500 buses per shift annually in Phase-I

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Olectra Greentech shares jumped 6 percent to a one-month high on January 2 after the company announced the beginning of operations at its EV facility in Hyderabad. The shares of peer JBM Auto jumped nearly 8 percent, snapping a two-session losing streak.

Olectra Greentech shares surged to Rs 1,274.80 apiece. JBM Auto shares saw rub-off effect, rising to Rs 673.40 apiece.

Olectra Greentech begins operations at Hyderabad EV factory:

In an exchange filling released in the post market hours of January 1, Olectra Greentech declared December 31 as the commercial operation date (COD) for its greenfield electric vehicle (EV) manufacturing facility situated at Seetharampur in Telangana’s Hyderabad.

The facility is expected to have an annual per shift production capacity of 2,500 buses. “This Phase-I capacity achievement of 2,500 buses Per Annum represent 50% of the planned per shift annual capacity of 5,000 buses Per Annum,” it added.

The company added that the declaration has been communicated to lender State Bank of India (SBI).

Olectra Greentech share price:

Olectra Greentech shares have risen around 3 percent in the past five days, but fell more than 16 percent in the past one year.

The company currently has a market capitalization of Rs 10,258 crore, and the stock’s P/E ratio stands at more than Rs 71.

Around 18.80 lakh shares of the company changed hands on the NSE within the first two hours of trading on Friday, higher than nearly 62,500 shares traded till the same time Thursday, according to Informist.

JBM Auto share price:

JBM Auto shares rise around 9 percent in the past five days, and around 3 percent in the past six months. This comes after the stock fell more than 16 percent in the past one year.

Within the first two hours of trading on Friday, nearly 80 lakh shares of the company changed hands on the NSE, higher than nearly 1.53 lakh shares traded till the same time on Thursday, according to Informist.

The company has a market capitalisation of Rs 15,753 crore, and the stock’s P/E ratio currently stands at 56.

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