Olectra Greentech Ltd stock opened with a gain of 3.96% at Rs 500.30 today. Later, the stock touched an intraday high of Rs 551.6, rising 14.62% on BSE.
Shares of Olectra Greentech Ltd gained for the second straight session today after the firm announced its hydrogen bus in technical partnership with Reliance Industries.
Olectra Greentech Ltd stock opened with a gain of 3.96% at Rs 500.30 today. Later, the stock touched an intraday high of Rs 551.6, rising 14.62% on BSE. Olectra Greentech shares have gained 34.31% in the last two sessions. In the last trading session, the stock ended 19.69% higher on BSE. The stock has risen 9.54% in 2023 and declined 11% in a year.
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Total 3.91 lakh shares of the firm changed hands amounting to a turnover of Rs 20.79 crore. Market cap of the firm rose to Rs 4443.44 crore on BSE.
Olectra, in an exchange filing, said, “The Hydrogen bus is a fully carbon-free alternative to traditional public transportation. In the wake of the depletion of natural resources and the negative impacts of air pollution and emissions, Olectra has taken the initiative to accelerate the development of Hydrogen-powered buses. This initiative will help out the government to achieve its carbon-free hydrogen ambitions.”
“A single hydrogen fill allows the bus to travel up to 400 km. Hydrogen for this range coverage takes just about 15 minutes. It generates only water as tailpipe emissions. When it comes to the system, type-4 hydrogen cylinders are established on the top of the bus. Moreover, the cylinders can withstand temperatures between -20 and +85 degrees Celsius,” Olectra added.
The company plans to commercially launch hydrogen buses within a year.
In terms of technicals, the relative strength index (RSI) of the stock stands at 57.5, signaling the stock is neither oversold nor overbought. Olectra has a one-year beta of 0.9, indicating low volatility on the counter. The stock is trading higher than the 5 day, 20 day, 50 day and 100 day moving averages but lower than 200 day moving averages.
Olectra Greentech reported a 13.59 per cent rise in net profit for the December 2022 quarter at Rs 14.38 crore compared to Rs 12.66 crore in the same period a year ago. Revenue climbed 23.13% to Rs 256.43 crore in Q3 against Rs 208.26 crore in the December 2021 quarter.
EBITDA (earnings before interest, tax, depreciation, and amortisation) in Q3 climbed 22.97 percent to Rs 35.17 crore against Rs 28.60 crore in the December quarter of the previous fiscal.