Olectra Greentech stock surges as company bags order for 2,400 electric buses

The stock had hit a 52-week high today at Rs 2,221.95.

Autocar Pro News Desk By Autocar Pro News Desk calendar 22 Feb 2024 Views icon5182 Views Share - Share to Facebook Share to Twitter Share to LinkedIn Share to Whatsapp
Olectra Greentech stock surges as company bags order for  2,400 electric buses

Olectra Greentech Ltd has been awarded a contract from Brihan Mumbai Electric Supply & Transport Undertaking (BEST) for supply of 2,400 electric buses.

The company’s stock ended 1.95 percent higher on the NSE, closing at Rs 2,102.95. The stock had hit a 52-week high today at Rs 2,221.95.

As per the company’s regulatory filing, the letter of award from the authority pertains to the supply, operation, and maintenance of those electric buses on a gross cost contract basis (GCC) or OPEX model basis for 12 years.

However, these buses shall be delivered over eighteen months.

According to Olectra Greentech, the value of these buses would be around ₹4,000 crore for the company.

RELATED ARTICLES
Volvo CE India eyes increased profitability on back of mass production of larger machines

auther Autocar Pro News Desk calendar19 Jun 2024

"I'm sure we will see much more profits ahead when we go into the mass market with bigger machines and more volumes of m...

Jaguar Land Rover to revive Freelander as EV in China

auther Autocar Pro News Desk calendar19 Jun 2024

The luxury car brand is reviving its Freelander model in an electric avatar in China through a licensing agreement with ...

Volvo CE India to increase revenue share from services business to 33%

auther Autocar Pro News Desk calendar19 Jun 2024

Dimitrov Krishnan, Managing Director of Volvo CE India, said, "We would like to grow and make it one-third from just abo...