Olectra Greentech Ltd stock has delivered multibagger returns over the long term. The stock is up 182% in two years and 207% in three years. It gained an impressive 815% in five years, yielding huge returns for long-term investors. However, the stock price has seen a correction in the short term, dropping 6%, 3.22%, and 1.61% in 6 months, 3 months, and 1 month.
Olektra Greentech stock today rose 4.33% to Rs 1,717 against its pre-BSE closing price of Rs 1,645.30. Olektra Greentech Ltd. share price opened today higher at Rs 1,655.05. A total of 0.84 billion shares of the company were transferred and the sales amounted to Rs 14.01 billion. The market capitalization of the company rose to Rs 13,722 crore on the BSE.
The stock price hit a record high of Rs 2,222 on February 22, 2024 and fell to a 52-week low of Rs 1,017.60 on October 26, 2023.
On the technical side, the stock’s relative strength index (RSI) is 47.2, indicating that the stock is not trading in either oversold or overbought zones. Olectra’s 1-year beta is 1.1, indicating low volatility for the counter. The stock is trading below its 5-day, 10-day, 20-day, 30-day, 50-day, 100-day, and 200-day moving averages.
JM Financial has placed a buy call on the stock with a target price of Rs 2,200 and says, “The company is setting up a greenfield state-of-the-art factory in Hyderabad with a production capacity of 5,000 units per annum, expandable to 10,000 units per year. .The new factory has started manufacturing electric buses and other EV products, and strong orders will lead to growth in the next two fiscal years as cooperation with BYD, a growing market for electric buses, is strengthened. It will bring sex.” Mediation.
SBI Securities is bullish on the stock in the short term, with a price target of Rs 1,972.3. The brokerage called for accumulation of mid-cap stocks in the range of Rs 1,697-1,732.2. Many aspects of the company are positive, including its recent financial performance, growth outlook, order status, policy support, and overall corporate governance.
Olectra Greentech reported a 156% increase in net profit for the September 2024 quarter at Rs 47.7 billion compared to Rs 18.6 billion in the same period last year. Sales increased by 70.5% to 523.7 million rupees in the second quarter, compared to 307.2 million rupees in the September 2023 fiscal year.
EBITDA for the second quarter increased to Rs 81.2 billion as against Rs 40.6 million in the September quarter of the previous fiscal.
Olectra Greentech was founded in 2000 and pioneered the introduction of electric buses in India in 2015. It is also India’s largest manufacturer of silicone rubber/composite insulators for power transmission and distribution networks.
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