Olectra GreentechLtd. shares surged nearly 20 percent to hit a fresh 52- week high of Rs 1,246.95 in Friday’s session after the company secured a Letter of Intent( LoI) from the Maharashtra government for force of electric motorcars The company in an exchange form on Friday said that a institute of Olectra Greentech and Evey Trans Private Ltd( Evey) was awarded a LoI for an order of 5,150 electric motorcars.

The order has been entered from Maharashtra State Road Transport Corporation( MSRTC) and involves the force, operation and conservation of a aggregate of 5,150 electric motorcars

The force of these motorcars is roughly valued at Rs 10,000 crore for Olectra, and the nature of the contract is a ‘ Gross Cost Contract ’ on an OPEX model base. The contract period is of 12 times, Olectra Greentech said.

The motorcars will be carried from Olectra Greentech by Evey, and will also be delivered over a period of 24 months, while the conservation services will be handed by Olectra Greentech for the entire contract period.

For the June quarter, Olectra Greentech Ltd reported a consolidated net profit of Rs27.49 crore, rising by54.68 a time- on- time base from Rs17.77 crore posted in the same quarter lastyear.

Its net deals increased38.56 percent to Rs100.68 crore in the quarter, compared to Rs271.3 crore in the matching quarter of last time.

Shares of Olectra Greentech are trading18.2 percent advanced at Rs 1,235. The stock has gained2.5 times on a time- to- date base “ Olectra’s association with TSRTC began in March 2019, with 40e-buses.

Thesee-buses have been plying from the field to colorful destinations in Hyderabad. Exactly four times latterly, in March 2023, Olectra has partnered with TSRTC formerly again for 550e-buses,” added Pradeep.

The 50 intercity trainere-buses will ply between the megacity of plums, Hyderabad in Telangana and Vijayawada in Andhra Pradesh.

Thee-buses are completely air- conditioned and can travel a distance of further than 325 km on a single charge. In the intracity member, the 500e-buses will ply within Hyderabad. Eache-bus can travel a distance of further than 225 km on a single charge.

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