Ola Electric shares hit 20% upper circuit for 2nd day, top Rs 100-mark

Ola Electric shares rally: Shares of Bhavish Aggarwal-led Ola Electric Mobility have been marching northward despite the negative market sentiment, on the bourses on Monday.  The company's stock climbed as much as 19.99 per cent to hit the upper circuit of Rs 109.41 on the BSE.

Ola Electric Mobility shares have been trading higher since their listing on Friday, August 9, 2024, and have climbed 43.97 per cent so far.

Previously, on Friday, after making a flat debut on the BSE, shares rallied 20 per cent to hit the upper circuit at Rs 91.18 per share.

That said, analysts remained skeptical about the company post its lackluster debut. Prashanth Tapse, senior vice president (Research), Mehta Equities, said that the fear of discounted listing was out of woods and huge buying was seen post listing. Tapse believes that the long term story is intact and markets are focusing on news that Ola Electric Bike to Launch in India on August 15.

 

"Considering all the factors, we advise only risk taking investors to continue to hold with a minimum holding period of 2-3 years and recommend to accumulate on every dip to be part of long term journey," said Tapse.

Ola Electric Mobility, earlier on Friday, also informed the exchanges via regulatory filing that a meeting of the Board of Directors of the company is scheduled to be held on Wednesday, August 14, 2024, to consider and approve the unaudited standalone and consolidated financial results for the quarter ended June 30, 2024.

Ola Electric, a pure EV player in India, commands nearly a 35 per cent market share in India's electric two-wheeler market in FY24. The company is engaged in building vertically integrated technology and manufacturing capabilities for EVs and EV components, including cells.

Ola Electric commands a market capitalisation of Rs 46,278.43 crore on the BSE, as of August 12, 2024.