Olectra Greentech shares up 3% on awarding contract for greenfield EV plant

The share touched a 52-week high of Rs 1,465.00 and a 52-week low of Rs 374.35 on 13 July, 2023 and 23 February, 2023, respectively.

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Olectra Greentech shares were up 3 percent at Rs 1,306.65 at 9.27 am after company awarded a contract for construction of the greenfield EV manufacturing facility.

Olectra Greentech has awarded a contract for construction of the greenfield electric vehicle manufacturing facility on 150 acres of the land situated at Seetharampur, Hyderabad, Telangana to Megha Engineering & Infrastructures Limited (MEIL).

MEIL is the ultimate holding company and a related party to Olectra Greentech Limited.

The project shall be completed within 12 months from the date of approval of the shareholders (July 19).

The proposed value of the contract is approximately Rs 395.12 crore (inclusive of GST).

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On July 7, the consortium of Olectra Greentech and Evey Trans Private Limited has received a Letter of Intent from Maharashtra State Road Transport Corporation (MSRTC) relating to supply, operation and maintenance of 5,150 electric buses and allied electrical and civil infrastructure of Rs 10,000 crore.

The share touched a 52-week high of Rs 1,465.00 and a 52-week low of Rs 374.35 on 13 July, 2023 and 23 February, 2023, respectively.

Currently, the stock is trading 9.35 percent below its 52-week high and 254.75 percent above its 52-week low.

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