Shares of Olectra Greentech rose 5 percent intraday on March 6 after company received an order to supply electric buses to the Telangana State Road Transport Corporation.
Evey Trans Private Limited (EVEY) has received two Letter of Awards (LOAs) from Telangana State Road Transport Corporation (TSRTC) for 550 Electric Buses consisting of 500 buses for intra-city and 50 buses for inter-city operations, respectively, company said in its release.
These orders for supply of 500 and 50 electric buses are to be on gross cost contract (GCC) / OPEX model basis for a period of 12 years and 10 years (Contract Period) respectively.
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EVEY shall procure these buses from Olectra Greentech Limited and which shall be delivered over a period of 16 months.
The value of these orders would be approximately Rs 1,000 crore for Olectra.
The maintenance of these buses shall also be undertaken by the Olectra during the contract period, company said.
The transactions between Olectra and EVEY are to be considered as related party transactions and shall be conducted at arm's length basis.
At 09:51 hrs Olectra Greentech was quoting at Rs 536.65, up Rs 15.55, or 2.98 percent on the BSE.