For the past one month, shares of electric vehicle maker Olectra Greentech have been in a doldrums mood. On the last trading day of the week, shares of Olectra Greentech fell sharply on Friday. During this period, the stock closed at 1,592.85, up about 2.27% on Wednesday, August 07. However, experts have been bullish on the stock in the past.
Domestic brokerage firm Geojit has advised to buy shares of Olectra Greentech. The brokerage estimates that the stock could go as high as Rs 2,086. At present, its price closed at 1,592.85 on Wednesday. Margins were -137 basis points (bps) lower due to lower operating leverage and increase in other costs, the brokerage said. However, the margin for the full year increased by 127 bps to 14.2 percent.
The brokerage said the company received some of the largest orders from various STUs in India in the last financial year, including 550 buses from Telangana State Road Transport Corporation (TSTRC), 2,100 electric buses from Brihanmumbai Electric Supply and Transport Undertaking (BEST).
Apart from this, the company also has an order for 5,150 electric buses from the Maharashtra State Corporation (MSRTC). Talking about Olectra, it is a subsidiary of Megha Engineering and Infrastructure Limited (MEIL) and manufactures electric buses in India.
It is also the country’s largest manufacturer of silicone rubber/composite insulators for power transmission and distribution networks. Talking about the shareholding pattern, promoters hold 50.02 percent stake. At the same time, public shareholders hold 49.98 percent stake in the company.
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