Despite the broader market weakness, there have been some exceptional performers that have defied the odds and given impressive gains to their investors. One such stock was Olectra Greentech, the country's largest pure electric bus manufacturer.
The company's shares, which were trading at ₹384.55 apiece on February 22, have seen a remarkable upward trend, surging by an impressive 93.21%, to reach a 52-week high of ₹743 in Wednesday's trade.
This recent rally in the stock has resulted in a whopping return of 1467% over the last three-year period.
The meteoric rise in the stock has been attributed to multiple positive developments that took place in the last two-week period. On March 06, the company in an exchange filing said that "Evey Trans Private Limited (EVEY) has received two Letter of Awards (LOAs) from Telangana State Road Transport Corporation (TSRTC) for 550 Electric Buses consisting of 500 buses for Intra-city and 50 buses for Inter-city operations, respectively."
Evey Trans Private Limited is Olectra Greentech's subsidiary.
"These orders for supply are to be on Gross Cost Contract (GCC) / OPEX model basis for a period of 12 years and 10 years (Contract Period) respectively," the company said.
"EVEY shall procure these buses from Olectra Greentech, and they shall be delivered over a period of 16 months. The value of these 550 buses would be approximately ₹1,000 crore for Olectra," the company added.
The company on March 1 announced that its first 6x4 heavy-duty electric tipper received India's first homologation certificate from the country's automobile regulatory agencies.
“The electric tipper is now roadworthy, adhering to all the central motor vehicles rules. We showcased the prototype at recent exhibitions in Delhi and Bangalore, which created great curiosity and enthusiasm,” it said.
"The first order for 20 e-tippers is in the final stage of discussions. We are shortly going to launch variants of the e-tipper and electric truck. It is just the beginning of our journey," said the company chairman and managing director, KV Pradeep.
Pradeep added that with the Olectra electric tipper, they are ringing in a significant change in the construction, infrastructure, mining, and quarrying sectors.
On February 23, the company unveiled a hydrogen bus in a technical partnership with Reliance which serves as a carbon-free alternative to conventional public transportation.
Olectra Greentech claimed that a single hydrogen fill allows the bus to travel up to 400 km. The hydrogen needed for this range coverage takes just about 15 minutes.
When it comes to emissions, these buses generate only water as tailpipe emissions. This is the main unique selling proposition for phasing out old diesel and petrol systems and replacing them with these green buses, the company highlighted.
Olectra Greentech, part of the MEIL Group, is a small-cap stock with a market cap of ₹5,735 crore. Olectra is India’s first-ever electric bus manufacturer, having manufactured and deployed all variants of electric buses in India.
After leading in the commercial run of electric buses, the company is expanding its product line in the e-mobility segment for 3-wheeler electric autos and electric trucks.
In Q3FY23, the company posted a consolidated net profit of ₹15 crore, a growth of 15.38% YoY and 114% QoQ. The revenue from operations during the quarter came in at ₹248 crore, up from ₹208 crore in Q3FY22.
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