Ola Electric Mobility Ltd.'s share price spiked nearly 5% on Tuesday following an 18% spike on Monday. The stock has been seeing massive investor interest lately as it gained over 40% between Aug. 19 and Sep. 2.
Ola Electric clocked the highest total volume among other stocks at over 1.18 billion shares traded, with a turnover of Rs 7,376.89 crore. Despite the massive activity, delivery volume stood at 18 crore shares, translating to a modest 15.27% delivery rate, indicating high intraday interest. The delivery turnover was Rs 1,126.21 crore, and delivery as a percentage of outstanding shares was 4.09%. Compared to its 30-day average, Monday's volume was 10.4 times higher, while delivery volume was up 7.3 times, reflecting heightened speculative interest and strong momentum in the counter.
Last week, the electric two-wheeler giant announced that it is eligible for benefits under the government's Production Linked Incentive (PLI) scheme for its top-selling Gen 3 scooter portfolio. Prior to this, the company announced the launch of its new bike and its transition to Ebitda-positive territory, which likely sparked some optimism among investors.
The scrip rose as much as 4.75% to Rs 65.45 apiece. It pared gains to trade 1.28% higher at Rs 63.28 apiece, as of 10:21 a.m. This compares to a 0.40% advance in the NSE Nifty 50 Index.
It has fallen 44.94% in the last 12 months. Total traded volume so far in the day stood at 6.2 times its 30-day average. The relative strength index was at 78.
Out of seven analysts tracking the company, two maintain a 'buy' rating, two recommend a 'hold', and three suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 25.6%.
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