Olectra Greentech’s shares soared 14 percent on July 7, touching a 52-week high after the company bagged an order worth Rs 10,000 crore, which is bigger than its market capitalisation.
Olectra Greentech’s market capitalisation is Rs 9,304 crore.
On Friday, 82 lakh Olectra Greentech shares changed hands. The company’s one-month trading average is 29 lakh shares.
The stock was trading 14.7 percent up, at Rs 1,197 at 13.46 pm on the NSE. It has given 128 percent returns since January 1.
Olectra Greentech received a letter of intent for supply, operation, and maintenance of 5,150 electric busses and electric civil infrastructure from the Maharashtra State Road Transportation Corporation, the company said in an exchange filing on July 7.
The value of these 5,150 electric buses will put Rs 10,000 crore in Olectra Greentech’s pocket. The vehicles will be delivered over 12 months.
The company’s total revenue increased 83 percent year-on-year (YoY) to Rs 1,100 crore in FY23, while net profit grew 88 percent YoY to Rs 66 crore in the same period. EBITDA margins for the company reduced by 162 basis points YoY in FY23.
Olectra is India's first-ever electric bus manufacturer and has manufactured and deployed all variants of e-buses in India.
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