Ola Electric Shares Jump 10% To Touch An All-Time High Of INR 146.03

Shares of Ola Electric continued their bullish streak and jumped almost 10% during the intraday trading today (August 19) to reach an all-time high of INR 146.03 apiece on the BSE.

The stock opened at INR 139.15 today and was trading 7.3% higher at INR 142.46 per share at 11:22 AM.

The stock has been on an upward trend since Friday, when it hit a 20% upper circuit after the electric mobility startup forayed into the e-bike segment with the launch of its Roadster Series electric motorcycles.

During the Ola Sankalp 2024 event, founder Bhavish Aggarwal unveiled three e-bikes – Roadster X, Roadster and Roadster Pro. He also said that Ola Electric scooters will now be equipped with AI virtual assistant Krutrim.

Ola’s entry into the e-bike space came days after the company listed on Dalal Street earlier this month. The stock debuted at INR 75.99 per share as against the issue price of INR 76.

The stock has delivered almost 2x returns to investors since listing on bourses. 

Meanwhile, global brokerage HSBC has tagged a “BUY” rating on the stock with a price target of INR 140 per share. 

Ola Electric saw its net loss widening to INR 347 Cr in the June quarter (Q1) of the financial year 2024-25 (FY25), up 30% year-on-year. 

However, revenue from operations jumped 30% YoY to INR 1,644 Cr during the reporting period.

Recently, it was reported that Ola Electric was working on building its gigafactory, “Futurefactory”, in Tamil Nadu’s Krishnagiri to ramp up its production of batteries. 

According to Aggarwal, Phase 1(a) of Ola Gigafactory has already been completed and the company has started production of its cells. He said that the company received BIS Certification in May 2024.