Olectra Greentech had actually some good news to share but due to the overall mood on the Street, the stock price reacted with a fall. Though the stock opened 4% higher at Rs.228.40, it slipped down to briefly hit the 5% LC of the say at Rs.208.40 and is now trading at Rs.211 levels, down 3.5%.
The company, along with Evey Trans Pvt Ltd had emerged as the lowest bidder (L-I) in December for 353 Buses and 50 Electric Buses.
The company on Saturday informed that it has now received an order from one of the State Transport Authorities under FAME-II scheme of Government of India for supply of 50 Electric Buses.
This is on Gross Cost Contract (GCC) / OPEX model basis for a period of 10 years (Contract Period), to be delivered over a period of 12 months. The maintenance of these buses shall also be undertaken by the Olectra during the Contract Period.
With these, total order book of Olectra for electric buses against above and earlier orders are over 1300 electric buses.