Shares of Ola Electric Mobility Ltd saw a sharp uptick in Friday's trade after the pure-play electric vehicle (EV) company launched new scooters across mass and premium segments. The stock climbed 14.43 per cent to hit a day high of Rs 76.50. Despite the mentioned rise, it has halved from its all-time high value of Rs 157.53, seen on August 20 last year.
"Ola Electric today launched its S1 Gen 3 portfolio taking the technology play in EVs to the 'Next Level'. Built on the advanced Gen 3 platform, the all-new portfolio now starts at Rs 79,999 for S1 X (2kWh) and goes up to Rs 1,69,999 for the S1 Pro+ 5.3kWh (introductory prices)," the company stated in a release.
"Headlining the Gen 3 portfolio is the flagship S1 Pro+ 5.3kWh (with 4680 Bharat Cell), and 4kWh priced at Rs 1,69,999, and Rs 1,54,999, respectively. The S1 Pro, available in 4kWh and 3kWh battery options, is priced at Rs 1,34,999 and Rs 1,14,999, respectively. The S1 X range is priced at Rs 79,999 for 2kWh, Rs 89,999 for 3kWh, and Rs 99,999 for 4kWh, with S1 X+ available with the 4kWh battery and priced at Rs 1,07,999. Along with the latest Gen 3 S1 scooters, the company announced to continue to retail its Gen 2 scooters at discounts of up to Rs 35,000, with S1 Pro, S1 X (2kWh, 3kWh, and 4kWh) now starting at Rs 1,14,999, Rs 69,999, Rs 79,999 and Rs 89,999, respectively," it also said.
Bhavish Aggarwal, Chairman & Managing Director at Ola Electric, said, "With Gen 3, we are taking the EV 2W industry to the 'Next Level'. Gen 3 is bringing unmatched performance, superior efficiency and reinventing benchmarks we set for ourselves, and which will change the industry all over again."
On the stock-specific front, Kranthi Bathini, Director of Equity Strategy at WealthMills Securities, said, "The new scooter launches can further boost the company's sales. Profitability will be a key concern in the medium- to short-term. The proposed launch of the homegrown Bharat cell on April 1 will be a significant development for the company. Investors with a long-term horizon can hold on to the stock and be watchful about the developments in this (EV) sector."
Technically, support on the counter could be seen in the Rs 73-65 range. Osho Krishan, Senior Research Analyst - Technical & Derivatives at Angel One, said, "The recent traction is backed by decent volumes and the reversal from the oversold territory. For now, Rs 65 is likely to cushion further shortcomings, while Rs 85-90 might be seen as formidable obstacles in the near period."
Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi, said, "Support will be at Rs 73 and resistance at Rs 79. A decisive move above Rs 79 level may trigger a further upside of Rs 84. The expected trading range will be between Rs 71 and Rs 85 for the short term."
Founded in 2017, Ola Electric is a pure-play electric vehicle player that primarily manufactures electric vehicles and certain core components for electric vehicles such as battery packs, motors and vehicle frames at the Ola Futurefactory. As of December 2024, promoters held a 36.78 per cent stake in the E2W player.