Shares of Olectra Greentech surged 9 percent intraday on March 2 after the company said its electric tipper received the country's first homologation certificate from the Indian automobile regulatory agencies.
Homologation is the process through which the regulatory authority certifies a vehicle's roadworthiness.
“The Olectra e-tipper is India's first certified heavy-duty electric tipper engineered and manufactured in-house. We showcased the prototype at recent exhibitions in Delhi and Bangalore, which created great curiosity and enthusiasm. The first order for 20 e-tippers is in the final stage of discussions. We are shortly going to launch variants of the e-tipper and electric truck," Chairman and Managing Director KV Pradeep said.
Also Read: Know Your Stock| Olectra Greentech: A bet on green mobility and urban infrastructure?
The e-tipper can be used day and night at work sites as it is silent and has zero carbon emissions, the company said.
Recently, Olectra, a group company of Megha Engineering and Infrastructures Ltd (MEIL), also announced a technical partnership with Reliance Industries for the development of hydrogen buses, which the company is looking to launch within a year.
Follow our live blog for all the market action
It said the hydrogen bus will work as a carbon-free alternative to traditional public transportation.
Since the announcement of the partnership on February 23, Olectra’s stock price has gained 31 percent.
In Q3FY23, the company reported a 4 percent YoY rise in consolidated net profit at Rs 13 crore, while revenue grew 21 percent YoY at Rs 248.6 crore.
At 2.58 p.m. the scrip was trading 5.34 percent up at Rs 522.85 apiece on the National Stock Exchange. The benchmark Nifty was down 0.70 percent at 17,328.90 points.
Disclosure: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
