Shares of Olectra Greentech Ltd surged by 10%, hitting a fresh 52-week high of Rs 2,221.95 apiece on the NSE on Thursday. The electric bus manufacturer received a substantial order from Brihanmumbai Electricity Supply and Transport Undertaking (BEST) for the supply, operation, and maintenance of 2,400 electric buses, with a staggering order value of Rs 4,000 crore.
The order for the supply of 2,400 electric buses will be executed under a gross cost contract (GCC) and opex model for a duration of 12 years, as revealed in a regulatory filing by Olectra Greentech. The company will also be responsible for the maintenance of these buses throughout the contract period, with the deliveries scheduled over the next 18 months.
In an official statement, Olectra Greentech disclosed, “Consortium of Olectra Green tech Limited (‘Olectra/ Company”) and Evey Trans Private Limited (‘EVEY’) has received a Letter of Award (‘LOA’) from Brihan Mumbai Electric Supply & Transport Undertaking (BEST / Authority) for Supply, Operation and Maintenance of 2,400 Electric Buses on Gross Cost Contract Basis.”
The company clarified that EVEY, under the agreement, will procure the buses from Olectra Greentech Limited, and the delivery will span over the next 18 months.
Highlighting the transparent nature of the transactions, Olectra Greentech informed the bourses that the dealings between Olectra and EVEY are deemed related party transactions and will be conducted at an arm’s length basis.
The shares of Olectra Greentech have demonstrated positive returns across various time intervals. In the last month, the stock delivered a positive return of 28.49%. Over the past six months, it exhibited strong momentum with returns of 71.42%, indicating a robust performance.
Year-to-date figures further emphasized the stock’s bullish trend, recording an impressive growth of 50.51%. Looking at the broader horizon, the shares have shown consistent strength, given returns of over 413.83% in the last year.