The shares of a pioneer in manufacturing pure electric buses in India and the largest silicone rubber maker fell 7.6%,After the Indian government rejected a partnership with a Chinese company.,
As of 1:35 p.m. on the National Stock Exchange, Olectra Greentech Limited shares were down Rs 62.45 or 4.92 percent at Rs 1,211.65 a share.
According to reports, the Indian government has rejected Chinese manufacturer BYD’s request to establish a $1 billion four-wheeler manufacturing facility in India in collaboration with Olectra Greentech Ltd, a subsidiary of the Megha Engineering & Infrastructure Limited (MEIL) group.
The business made a proposal to the Department for Promotion of Industry and Internal Trade (DPIIT) to produce up to 15,000 electric automobiles per year. MEIL to infuse funds while the Beijing-based business would provide technology for development.
The stock has increased 156 percent in the last six months, from Rs 472.85 to current values. As a result, if a shareholder purchased 1 lakh shares of the company six months ago, their holdings are now worth 2.56 lakhs!
Olectra Greentech Limited manufactures electric buses and composite polymer insulators. In addition, the firm is extending its product range in the e-mobility market to include three-wheeled electric vehicles and electric trucks.
Recently Olectra Greentech has awarded a contract to Megha Engineering & Infrastructures Limited to construct 150 acres of greenfield electric vehicle manufacturing facility for Rs 395.12 crore in Telangana.
Company’s sales increased by 84 percent year on year, from Rs 593 crores in FY 21-22 to Rs 1,090 crores in FY 22-23. During the same time period, net profit climbed by 88 percent, rising from Rs 34 crores to Rs 64 crores.
Written by Omkar Chitnis
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