Price of shares in Olectra Greentech: Bourses The long-term ASM (Additional Surveillance Measure) scheme has been put on the shares of Olectra Greentech by BSE and NSE. Exchanges put stocks in either short-term or long-term ASM frameworks to warn buyers about prices that change a lot.
On Monday, shares of Olectra Greentech Ltd went up strongly, stopping a five-day slide. The price of the stock went up by 10%, reaching Rs 1,128.10. In the end, it ended up 9.48% higher, at Rs 1,122.80. In the last six months, the multibagger number has gone up by more than 157%, and so far in 2023, it has gone up by 117%. The company said today, “We are letting you know that there was no change in how the funds from the preferential issue were used during the quarter that finished on June 30, 2023.”
In the June quarter (Q1 FY24), the company’s total net profit was Rs 18.08 crore, which was up 8.72% from Rs 16.63 crore in the same time last year. But income from business fell 23.14 percent in Q1 FY24 to Rs 216.02 crore from Rs 281.07 crore in the same quarter last year. This year, the company went up sharply because it worked with Reliance Industries (RIL) on a hydrogen bus and got some important orders.
In July, the company got an order for 5,150 electric buses worth Rs 10,000 crore. A Letter of Intent from MSRTC has been given to the consortium of Olectra and EVEY for the provision, usage, and maintenance of 5,150 electric buses and related electrical and civil infrastructure on a gross cost contract basis. According to Olectra in a filing with the stock exchange, “This order for the delivery of 5,150 electric buses is to be on a gross cost contract (GCC)/OPEX model basis for a duration of 12 years (Contract duration) accordingly.
Olectra also said that it gave a contract to its parent company to build a 150-acre greenfield electric car production plant in Seetharampur, Hyderabad, Telangana. The total value of the deal, including GST, is about Rs 395.12 billion. Before this, the Telangana State Road Transport Corporation (TSRTC) had given it an order for 550 electric buses.
The stock market. The long-term ASM (Additional Surveillance Measure) scheme has been put on the shares of Olectra Greentech by BSE and NSE. Exchanges put stocks in either short-term or long-term ASM frameworks to warn buyers about prices that change a lot.
On a technical level, the stock moved higher than the 5-day, 10-, 50-, 100-, 150-, and 200-day simple moving averages (SMAs), but lower than the 20-day and 30-day moving averages. The relative strength index (RSI) for the market over the past 14 days was 50.17. Oversold is defined as a number below 30, and overbought as a value beyond 70. The price-to-earnings (P/E) ratio of the company’s stock is 119.25, and the price-to-book (P/B) ratio is 9.92.
Trendlyne data showed that the average goal price for the share is Rs 738, which means that it could go down by 34%. Its one-year beta is 0.43, which means that the counter is not very volatile.
The company makes electric buses in India. It is a branch of Megha Engineering and Infrastructures Ltd (MEIL). Olectra is also the biggest company in India that makes silicone rubber and plastic barriers for power transmission and distribution networks.
In the meantime, Indian market standards went up at the end of a very volatile trading day, helped by technology and consumer good stocks. The 30-stock BSE Sensex went up 79 points, or 0.12%, to end the day at 65,401, while the larger NSE Nifty pack went up 6 points, or 0.3%, to 19,435.