Ola Electric Mobility Ltd expanded its network to 4,000 stores nationwide, registering a four-fold increase from the existing network. "With the launch of 3,200+ new stores co-located with service facilities, the company is committed to driving large-scale EV adoption enabling deeper penetration beyond tier-1 and tier-2 cities to almost every town and tehsil across India," the pure-play electric vehicle (EV) company stated in a BSE filing.
On Thursday, shares of Ola Electric surged 6.22 per cent to hit a high of Rs 99.90. They were last seen trading 1.78 per cent up at Rs 95.72. At this price, the stock has zoomed 30.41 per cent in a month.
Earlier this month, the Bhavish Aggarwal-led EV firm received another showcause notice from the Central Consumer Protection Authority (CCPA), seeking additional documents and information in relation to the handling of consumer complaints.
"The stock is currently in an uptrend after hitting its all-time low (Rs 66.60). Investors with a high-risk appetite can add this stock with a one-year investment horizon," said Kranthi Bathini, Director of Equity Strategy at WealthMills Securities.
Technically, support on the counter could be seen in the Rs 92-80 zone and upside potential may be capped in the Rs 100-110 range.
Ravi Singh, Senior Vice-President (Retail Research) at Religare Broking, said, "The overall structure is not looking good on daily charts. One can buy the stock around Rs 85 level for an upside target of Rs 100. Keep stop loss placed at Rs 80."
Kushal Gandhi, Technical Analyst at StoxBox, said, "The price action of Ola Electric has experienced a noteworthy and rapid recovery after hitting a significant low of Rs 66.66. We recommend purchasing the stock for a target price of Rs 110, while maintaining a stop loss at Rs 91.10."
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 September 2024, promoters held a 36.78 per cent stake in the E2W player.