Share price of Olectra Greentech Ltd. has been in focus after the company's recent tussle with the Government of Maharashtra over failure to deliver an order of 5,150 buses in the stipulated timeframe.
The Telangana State Road Transport Corporation had also withdrawn an order on Saturday after only 10 out of 50 electric buses were delivered.
However, the Maharashtra government decided to reinstate its order, during a meeting between Olectra Greentech’s officials and Maharashtra’s Transport Minister Pratap Sarnaik at the Mantralaya on Friday.
According to the new delivery schedule, Olectra Greentech has to deliver to Maharashtra State Road Transport Corporation 620 electric buses in 2025, 2,100 units in 2026, and the rest, 2,210 units, in 2027.
The Telangana government too, in March 2023, had placed an order with Olectra Greentech for 500 intracity and 50 intercity electric buses worth Rs 1,000 crore. Those were to be delivered within 16 months and maintained by Olectra.
While the intercity order is now withdrawn, there was no immediate clarity on how many of the 500 intracity electric buses have been delivered to TSRTC so far.
Olectra Greentech Share Price
Share price of the Hyderabad-based bus maker has seen an uptick, despite recent pressures on the counter. In the last one month, shares have risen 2.52%, while they have advanced 11.12% in the three-month period.
However, they have seen a downside of 25.40% in the last six months.
The scrip rose as much as 2.55% to Rs 1,261 apiece on Monday, the highest level since May 28. It pared gains to trade 1.85% higher at Rs 1,252.40 apiece, as of 11:45 a.m. This compares to a 0.51% decline in the NSE Nifty 50.
The stock has fallen 13.42% on a year-to-date basis, and 28.28% in the last 12 months. The relative strength index was at 53.10.
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