Shares of Ola Electric soared over 6% during early trade on Wednesday, April 15 after a fall of over 7% in the last trading session.
The latest surge comes as Indian equity benchmarks opened higher on positive global cues as hopes arose over a diplomatic solution to the Middle East conflict. The NSE Nifty 50 was up around 1.8% at 24,280 and the BSE Sensex rose as nearly 1.9%, or 1,422 points, to 78,270.
Ola share price advanced 6.25% intraday to Rs 40.66 apiece. The scrip was trading 4.49% higher by 10:10 a.m. The benchmark NSE Nifty 50 was up1.69%.
The recent gain comes after fall on Monday, likely due to profit booking after gains in three session. The stock closed 12.6% higher on Friday, 20% on Thursday and 5% on Wednesday. The NSE has revised the price band on the stock from 20% to 10% from April 13 onwards, while adding the stock in its short-term Additional Surveillance Measure (ASM) framework.
Last week's rally came after Ola Electric announced the readiness of its in-house developed Lithium Iron Phosphate (LFP) cell, a key achievement in its aim to boost electric mobility and build a full-stack energy ecosystem. The new 46100 format LFP cell is bigger than the current NMC 4680 Bharat Cell and represents a stepchange in scale, cost efficiency, and applicability across both mobility and energy storage solutions, and will begin entering Ola's products starting next quarter, according to a statement.
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