Olectra Greentech shares hit all-time high on fresh order win; stock zooms 447% in a year

Shares of Olectra Greentech Ltd rose sharply in Thursday's trade to scale their record high level. The stock jumped 7.73 per cent to hit an all-time high of Rs 2,222. Although, it gave up a major chunk of its gains during the late deals and was last seen trading 1.92 per cent higher at Rs 2,102.80. At this price, the scrip has rallied 446.54 per cent in the past one year.

Today's upward move in the share price came after the company secured an order from Brihan Mumbai Electric Supply & Transport Undertaking (BEST/Authority) to supply 2,400 electric buses. Value of these e-buses supply would be around Rs 4,000 crore, Olectra said.

On techncial setup, support on the counter could be seen at Rs 2,095, followed by Rs 2,000 level.

Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers, said, "Support will be at Rs 2,000 and resistance at Rs 2,250. A decisive close above Rs 2,250 level may trigger a further upside till Rs 2,350. Expected trading range will be between Rs 1900 and Rs 2400 for a month."

AR Ramachandran from Tips2trades said, "Olectra Greentech is bullish but also very overbought on daily charts with next resistance at Rs 2,372. Investors should book profits at current levels as a daily close below support of Rs 2,095 could lead to target of Rs 1,850 in the near term."

As of December 2023, promoters held 50.02 per cent stake in the company. It is a subsidiary of Megha Engineering and Infrastructures Ltd (MEIL) and manufactures electric buses in India. Olectra is also India's largest silicone rubber/composite insulators manufacturer for power transmission and distribution networks.

(Disclaimer: Business Today provides stock market news for informational purposes only and that should not be construed as investment advice. Readers are encouraged to consult a qualified financial advisor before making any investment decisions.)

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