Olectra Greentech's stock price surged more than 17 percent in the morning trade on February 24 after the company announced its partnership with Reliance Industries to develop hydrogen buses.
The development of a fully carbon-free alternative to traditional public transport is a significant step towards achieving India's carbon-free hydrogen ambitions, and it could have a positive impact on the environment by reducing air pollution and emissions, the company said.
Olectra's technical partnership with Reliance Industries is expected to accelerate the development of hydrogen-powered buses and offer the next-generation transport system to the Indian market.
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“The hydrogen bus is a fully carbon-free alternative to traditional public transportation,” said Olectra Greentech, a subsidiary of Megha Engineering and Infrastructures.
In the wake of the depletion of natural resources and the negative impacts of air pollution and emissions, Olectra has decided to accelerate the development of hydrogen-powered buses. “This initiative will help out the Indian government to achieve its carbon-free," the company added.
At 11.18 am, Olectra Greentech was quoting at Rs 473.90, up Rs 71.85, or 17.87 percent, on BSE. It touched a high of Rs 477 and a low of Rs 425.55.
The scrip was trading with volumes of 227,688 shares, compared to its five-day average of 73,544 shares, an increase of 209.59 percent.
Disclaimer: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.
