This company has doubled in the past 100 days; do you own it?
Today it had hit new 52 week high
On February 23, 2023, shares of Olectra Greentech Ltd hit a 52-week low. However, after reporting a big order from Telangana State Road Transport Corporation (TSRTC) on March 6, 2023, the share price of the company started to shoot up.
TSRTC has placed two orders worth approximately Rs 1,000 crores, consisting of 500 buses for intra-city operations and 50 buses for inter-city operations. These orders are for the supply of 500 electric buses and 50 electric buses on a Gross Cost Contract (GCC) / OPEX model basis for a period of 12 years and 10 years, respectively. The company is required to deliver the buses over a period of 16 months.
After receiving this significant order, on May 5, 2023, the company declared its financials with a 98.06 per cent increase in PAT from Rs 35.70 crore in FY22 to Rs 70.70 crore in FY23.
Yesterday, the stock closed at Rs 374.10. Today, it opened at Rs 738.75 and closed at Rs 762.25, representing a 3.83 per cent increase. So far, 2,39,073 shares have been traded over the counter at BSE. Today, it hit a new 52-week high of Rs 786. On February 23, 2023, it had hit a 52-week low of Rs 374.35. From that day until today, it has surged by a whopping 103.62 per cent.
The company has a market cap of around Rs 6,200 crore. Over the past three months, the company has provided multibagger returns.
DSIJ offers a service 'Multibagger Pick" with recommendations for multi-bagger stocks based on research and analysis to help subscribers make informed investment decisions. If this interests you, then do download the service details pdf here