Olectra Greentech is making news – it has received an order for supply and maintenance of 40 electric buses from the Vasai Virar City Municipal Corporation.
This order for supply is on outright sale basis and is to be delivered over a period of 7 months.
The order value is placed at Rs.63 crore.
A subsidiary of Megha Engineering and Infrastructures, Olectra makes electric buses and is also India's largest silicone rubber/composite insulators manufacturer for power transmission and distribution networks.
During its earnings call last month, the company said that its order book was strong and till 30th Sept’23 had delivered more than 1400 electric buses and 35 electric tippers. It expects Q3 and Q4 of current fiscal to be strong and its net order book position of electric buses stands at 8,209 numbers after delivering 214 buses in H1.
Its new Greenfield EV manufacturing facility is expected to operational by Q4FY24, with an annual capacity outlay of 5,000 vehicles.
The stock is in the green today; from its close of yesterday at Rs.1233,.80, the stock opened today at Rs.1254.25 and rose to an intraday high at Rs.1272.60, up over 3%. Its 52-week high is at Rs.1465.