Olectra Greentech, the electric bus maker, is in the limelight today; the stock opened 1% higher at Rs.1320 and rose further to an intraday high at Rs.1345, up 3%. Its 52-week high is at Rs.1465.
The stock price is up after the company announced that it given a contract to Megha Engineering & Infrastructures Ltd (MEIL) for the construction of a greenfield electric vehicle manufacturing facility in Telangana. MEIL is the ultimate holding company and related party to Olectra.
This factory is being built over an area of 150 acres at Seetharampur, Hyderabad, at a cost of Rs 395 crore.
The company said that the construction of the greenfield EV manufacturing facility will be completed within 12 months from the date of approval of the shareholders (July 19, 2023).