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 shares climbed 17.56 per cent to Rs 107.20 during early trade on Monday.
Ola Electric Mobility shares have been trading higher since their listing on Friday, August 9, 2024, and have climbed 41.07 per cent so far.
At around 09:56 AM, Ola Electric shares were quoted at Rs 105.35, up 15.54 per cent from their previous close of Rs 91.18 on the BSE. The stock is currently trading merely Rs 4.06 or 3.71 per cent shy of its upper circuit of Rs 109.41 on the BSE. While writing this news, 108.08 lakh equity shares of Ola Electric worth nearly Rs 110.08 crore exchanged hands on the BSE.
On the NSE, the stock was seen at Rs 105.20, up 15.35 per cent from its previous close of Rs 91.20. Around 1,408.67 lakh equity shares of Ola Electric worth nearly Rs 1,437.13 crore exchanged hands on the exchange.
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.
First Published: Aug 12 2024 | 10:31 AM IST
