Olectra Greentech Ltd.’s shares increased 10.66% during Friday’s trading to reach an intraday high of Rs. 1,378.55. At Rs 1,342.50, the stock was last seen trading 7.77 percent higher. The multi bagger scrip has increased by more than 159% in 2023 at this price. This year’s dramatic increase was a result of securing significant orders and forming a cooperation with Reliance Industries (RIL) for hydrogen-powered buses.

Details on Olectra Greentech’s stock rises 11%

Most technical analysts said that although the stock appeared bullish, it was also overbought. Resistance on the higher end could be located around the vicinity of Rs 1,450. Support was observed at the level of Rs 1,278 and Rs 1,225. According to one analyst, traders ought to book profits at the current rates.

The promoters owned 50.02 percent of the company as of September 2023. It is an Indian company that produces electric buses as a subsidiary of Megha Engineering and Infrastructures Ltd (MEIL). Additionally, Olectra is the biggest producer of silicone rubber and composite insulators for electricity distribution and transmission networks in India.

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