Olectra Greentech Shares: The shares of Olectra Greentech, which manufacture electric bus, may show a sharp movement today. The reason for this is that Maharashtra’s Transport Minister Pratap Sarnaik has ordered the authorities to cancel its tender order. He has given this instruction for missing the delivery timeline. Talking about the shares, it was closed at Rs 1345.35 at the BSE on Monday 26 May on a trading day on Monday 26 May.
Instructions to cancel which order?
The Transport Minister of the Maharashtra government has written on the social media platform X (former name Twitter) that if the company is not showing activism in the supply of 5150 leased bus, then he has asked the officials to cancel the agreement. However, he has not named the company in his tweet. The decision was taken in a meeting held at the headquarters of Maharashtra State Road Transport Corporation (MSRTC) on Monday evening. The minister further wrote that the company was again given time till May 22 to supply 1 thousand bus but not a single bus was found, which has made doubt about the supply of buses. In such a situation, it has been decided to cancel the tender agreement with the company. However, note that the company has not released any official statement about the order being canceled.
The company announced on 7 July 2023 that Olectra and EVY TRANS PVT. Ltd. Has received an order for supply of 5150 electric buses from MSRTC. The order was around Rs 10,000 crore and the contract period is 12 years. Under this contract, Evey had to take a bus from Olectra Greentech and deliver MSRTC in 24 months i.e. by July 2025 and Olectra was to serve maintenance in the entire contract period. The stocks jumped 20 per cent when this order was announced. Between July 2023 to February 2024, Olectra shares increased more than double and reached a record high above Rs 2200.
How is Olectra Greentech’s health
Olectra Greentech on Monday presented business results of the quarter of March 2025. In this, the company’s revenue increased by 58 per cent on an annual basis and the net profit doubled. The company’s operating profit also increased by 70 per cent, while margin 1 percentage point jumped. Now talking about shares, Olectra Greentech shares were at Rs 1960.00 on 9 July 2024 last year, which is a one -year record high level for its shares. This boom of shares stopped here and in 9 months from this high level, it slipped 50.32 per cent to the price of Rs 973.65 on 7 April 2025 last month, which is a record low of one year for its shares. At the lower level, more than 38 per cent recovery was recovered on the basis of shares and purchases, but it is still about 31 per cent downside from one year of high.
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