 "Olectra Greentech stock zooms 13% on reporting 34% growth in Q1 net")
Shares of Olectra Greentech zoomed up to 12.8 per cent to a high of Rs 1,740 in intra-day deals on Tuesday a day after the company reported healthy Q1 earnings.
At 1 PM, Olectra Greentech was trading 9 per cent higher at Rs 1,685. The counter had seen trades of around 4.58 lakh shares on the BSE as against the two-week average volume of around 0.53 lakh shares on the BSE. In comparison, the BSE Sensex was down 0.5 per cent or 440 points at 79,205 levels.
For the quarter ended June 2025, Olectra reported a 34.2 per cent growth in consolidated net profit at Rs 24.25 crore when compared with RS 18.07 crore reported in the June quarter a year ago.
Total income grew by 45.9 per cent year-on-year (YoY) to Rs 317 crore in Q1FY25 from Rs 217.22 crore in Q1FY23.
Further, the company's board in their meeting on August 12, 2024, approved the re-appointment of Venkateswara Pradeep Karumuru, as the Managing Director of the Company, for a period of 3 years with effect from July 29, 2024.
Additionally, the board also approved appointment of Subramaniamsundar Rajan Vangal and Pandu Ranga Vittal Elapavuluri as Independent Directors (Additional Directors) of the Company for a period of 5 years each, w.e.f August 12, 2024.
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Olectra Greentech is a pioneer in electric bus manufacturing and insulators in India. It has been part of building the power transmission and distribution in India.
Earlier in July 2024, Olectra citing an order received in February 2024 for 2,400 Electric Buses Order from Brihan Mumbai Electric Supply & Transport Undertaking acquired 2,600 equity shares (26 per cent stake) in 'EVEY TRANS (MAH) PRIVATE LIMITED" which will specifically act as a Special Purpose Vehicle for executing this contract.
Prior to today's sharp rally, the stock had witnessed a dismal run on the bourses in the last one month, and shed almost 20 per cent during the period.