Ola Electric Zooms Over 12%, Ather Energy Hits All-Time High

SUMMARY

Ola Electric continued the strong momentum seen over the past few sessions, with its shares surging 12.8% to INR 60.91 on the BSE

Shares of Ather climbed 6.9% to hit a fresh all-time high of INR 481

For Ather, the surge came after the company launched its all-new EL platform on August 30

Shares of EV makers Ather Energy and Ola Electric rose sharply in the intraday trade today.

Ola Electric continued the strong momentum seen over the past few sessions, with its shares surging 12.8% to INR 60.91 on the BSE. Ather climbed 6.9% to hit a fresh all-time high of INR 481.

The rally in Ola Electric has come on the back of the company’s Gen3 scooter lineup getting the certification for production linked incentive (PLI) scheme last week. The stock has gained nearly 25% in the last five trading sessions (at the current market price).

Besides, sequential improvement in its financial performance, plans to integrate its battery cells into its EVs, among other factors, also contributed to the uptrend. The company’s loss halved to INR 428 Cr sequentially in Q1, while revenue surged 36% to INR 828 Cr.

For Ather, the surge came after the company launched its all-new EL platform on August 30 (Saturday). Ather also introduced AtherStackTM 7.0 featuring voice interaction with scooters, a next-generation fast charger for quicker EV charging, and upgrades to its existing products.

On August 29 (Friday), Ather allotted 65.13 Lakh equity shares under its Ather Energy ESOP 2024 Plan.

Meanwhile, the two companies saw a rise in their two-wheeler EV registrations in August. As per Vahan data, Ola Electric’s registrations rose 6.1% month-on-month (MoM) to 18,972 units last month. Ather saw an increase of 8.9% in its registrations to 17,856 units in August.

It is pertinent to note that the two stocks were also among the gainers last week. Ola Electric was the second biggest gainer under Inc42’s stock radar, rising 14.5% last week. Ather was the third biggest gainer, touching a fresh all-time high of INR 458.60 on Friday. Ather has gained around 17% in the last five trading sessions (at the current market price).

Despite the recent rally, shares of Ola Electric are down about 19% from their IPO price of INR 76. However, Ather Energy shares are trading about 49% above their issue price of INR 321.