Shares of Ola Electric Mobility Ltd. surged over 8% on Friday, with the stock trading Rs 38.51 intraday after extending gains for a third consecutive trading session.
The share price of Ola Electric is on rise ever since the company announced readiness of its in-house developed lithium iron phosphate cell on Tuesday, marking a key milestone in its mission to accelerate electric mobility and build a full-stack energy ecosystem.
Developed as part of Ola's vertically integrated battery innovation efforts, the new '46100' format LFP cell is bigger than the current NMC 4680 Bharat Cell and represents a step-change in scale, cost efficiency, and applicability across both mobility and energy storage solutions, and will begin entering its products starting next quarter, the company said in a statement.
The announcement comes as Ola Electric's Gigafactory ramp continues to progress strongly, with thousands of vehicles powered by its 4680 Bharat Cells already on Indian roads, collectively clocking millions of kilometers in real-world conditions, it added.
ALSO READ: Ola Electric Share Price Rises As Stock Extends Two-Day Rally After LFP Cell Update
The company said the introduction of LFP chemistry is expected to unlock further reductions in vehicle cost and accelerate EV adoption by making electric mobility more accessible. It also establishes a strong foundation for future battery storage solutions, while marking the next major phase of scale-up for Ola's Gigafactory as the company expands its cell technology portfolio, it said in a regulatory filing.
Ola Electric Share Price Today
Ola Share Price Today
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The scrip rose as much as 8.76% to Rs 38.60 apiece intraday on Friday at 10:22 a.m. This compares to a 1.01% growth in the NSE Nifty 50 Index. It has fallen 23.19 in the last 12 months but has risen 2.77% year-to-date. Total traded volume so far in the day stood at 123.72 times its 30-day average. The relative strength index was at 67.61.
Out of eight analysts tracking the company, two maintain a "hold" while six maintain a "sell" rating, according to Bloomberg data. The average 12-month consensus price target of Rs 27.57 implies a downside of 28.6%
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