Olectra Greentech rose 2.96% to Rs 650 after the company said its consortium has received letter of award from a state transport corporation for 100 electric buses under FAME-II scheme of Government of India.
The consortium of Olectra Greentech and Evey Trans (EVEY) will supply 100 electric buses on Gross Cost Contract (GCC) / OPEX model basis. Value of this contract is approximately Rs 140 crore to the company.These buses shall be delivered over a period of 12 months. The maintenance of these buses shall also be undertaken by the Olectra during the contract period of 12 years.
With these, total order book of Olectra for electric buses against above and earlier orders are around 1450 electric buses.
Separately, Olectra Greentech said that it has been allotted with 150 acres of land in Telangana for setting up green field factory (i.e EV manufacturing facility). The land was allotted by Telangana State Industrial Infrastructure Corporation (TSIIC) vide its letter dated 5 November 2021, subject to certain terms & conditions.
The board of Olectra Greentech will consider Q2 result on 9 November 2021.
On a consolidated basis, Olectra Greentech reported a net profit of Rs 1.32 crore in Q1 FY22 as against a net loss of Rs 5.08 crore in Q1 FY21. Net sales during the quarter surged 90.9% Y-o-Y (year-on-year) to Rs 42.27 crore.
Olectra Greentech has major interests in electric buses, composite insulators, amorphous core-distribution transformers, data analysis and IT consulting.
The scrip hit an all-time high at Rs 655 in intraday today.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
