Ola Electric’s stock value has risen to Rs 64,411 crore on the BSE as of August 19.
Ola Electric Mobility Ltd’s share price rose to the top price band on August 19, extending its listing day gains and virtually tripling since its market debut.
The stock increased by 10% to reach the day’s maximum trading permitted limit of Rs 146.03 per share on the Bombay Stock Exchange (BSE). The firm’s shares rose about 10% on the National Stock Exchange (NSE) to reach the upper circuit limit of Rs 146.38 per share.
Ola Electric Mobility Ltd. traded 77.90 lakh shares today, creating a total transaction of Rs 111.21 crore on the BSE. The NSE traded around 977.51 lakh shares of the business during the day.
According to BSE statistics, the company’s market worth has risen to Rs 64,411.35 crore.
Ola Electric is rated a ‘BUY’ by global brokerage firm HSBC. The analysts advised a price objective of Rs 140 per share.
The company’s net loss increased by roughly 30% year on year in the quarter ended June 30 to Rs 347 crore. The firm’s consolidated income from operations increased by 32% to Rs 1,644 crore from Rs 1,243 crore in Q1 FY24.
The business introduced new goods during its recent Ola Sankalp 2024 event. Ola founder Bhavesh Aggarwal introduced the ‘Roadster Series’ motorbikes and stated that its AI virtual assistant Krutrim will be integrated into Ola Electric scooters.
The shares of Bhavish Aggarwal’s electric two-wheeler startup were unchanged at Rs 76 on the NSE. However, shortly after, the counter rose 20%, reaching the upper circuit limit.
Ola Electric Mobility’s Rs 6,145-crore initial public offering garnered 4.27 times as many subscriptions on the last day of bidding on Tuesday, with a price band of Rs 72–76 per share.
The IPO, the first by an electric car manufacturer, included a new issuance of up to Rs 5,500 crore and an offer-for-sale (OFS) of up to 8,49,41,997 equity shares.
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