Summary
Ola Electric Mobility Ltd’s stock saw a significant rise on August 19, hitting its upper circuit limit on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). The stock price nearly doubled since its market debut, reaching Rs 146.03 per share on the BSE and Rs 146.38 per share on the NSE. This surge follows a strong performance on its listing day and a positive recommendation from global brokerage HSBC, which had set a target price of Rs 140 per share. Despite a widened net loss of Rs 347 crore for the quarter ending June 30, the company reported a 32 percent increase in consolidated revenue. Ola Electric’s IPO, the first by an electric vehicle maker, was oversubscribed by 4.27 times, with a price band of Rs 72-76 per share. Additionally, the company announced new products and innovations, contributing to the stock’s upward momentum.
Key Points
- Ola Electric’s share price hit the upper circuit limit on August 19, reaching Rs 146.03 on the BSE and Rs 146.38 on the NSE.
- The stock nearly doubled from its IPO price since its market debut.
- A total of 77.90 lakh shares were traded on the BSE, generating a turnover of Rs 111.21 crore; on the NSE, over 977.51 lakh shares were traded.
- The company’s market valuation increased to Rs 64,411.35 crore according to BSE data.
- HSBC has given Ola Electric a ‘BUY’ recommendation with a price target of Rs 140 per share.
- The company’s net loss widened by 30 percent year-on-year to Rs 347 crore for the quarter ending June 30, despite a 32 percent rise in consolidated revenue to Rs 1,644 crore.
- Ola Electric’s IPO was oversubscribed by 4.27 times, with a price band of Rs 72-76 per share, including a fresh issue of up to Rs 5,500 crore and an Offer-for-Sale (OFS) of up to 8,49,41,997 equity shares.
- At its recent Ola Sankalp 2024 event, the company announced new ‘Roadster Series’ motorcycles and the integration of its AI virtual assistant Krutrim into its electric scooters.
