Olectra greentech share price

Olectra Greentech Ltd: Stock Surges 12% Post Q1 Earnings Report

Olectra Greentech Ltd has captured market attention with a 12% surge in its stock price on Tuesday, following the announcement of its Q1 earnings. The stock reached a new high of Rs 1724.50 on the BSE, marking an impressive 11.74% increase from its previous close at Rs 1543.30.

Impressive Stock Performance

Olectra Greentech Ltd’s stock opened at Rs 1612.45 today, continuing its upward trajectory. The stock has demonstrated remarkable growth, with a staggering 178% increase over the past two years and a phenomenal 451.32% gain over the last three years.

On the trading floor, a total of 2.69 lakh shares were exchanged, resulting in a turnover of Rs 45.37 crore. The market capitalization of Olectra Greentech Ltd has now soared to Rs 14,152.36 crore on the BSE.

Technical Analysis

From a technical perspective, the Relative Strength Index (RSI) of the stock stands at 27.2, signaling that the stock is currently in the oversold zone. With a one-year beta of 1.1, Olectra Greentech Ltd is showing low volatility.

The stock is trading above its 5-day, 10-day, 20-day, and 30-day moving averages but remains below the 50-day, 100-day, and 150-day moving averages, presenting a mixed technical picture.

Q1 2024 Financial Performance

Olectra Greentech Ltd reported a strong 34% increase in net profit for the June 2024 quarter, reaching Rs

24 crore, compared to Rs 18 crore in the same period the previous year. Revenue also saw a significant boost, climbing 45% to Rs 314 crore in Q1, compared to Rs 289 crore in the June 2023 quarter.

The company’s EBITDA grew by 4.4%, reaching Rs 43.9 crore in Q1, up from Rs 42 crore in the same quarter of the previous fiscal year. Additionally, the Earnings Per Share (EPS) rose by 33% to Rs 2.92 in Q1, compared to Rs 2.60 in Q1 of the previous fiscal year.

About Olectra Greentech Ltd

Established in 2000, Olectra Greentech Ltd is a trailblazer in India’s electric vehicle sector, pioneering the introduction of electric buses in 2015. The company also stands as the largest manufacturer of silicone rubber/composite insulators for power transmission and distribution networks in India.

Conclusion:

Olectra Greentech Ltd’s stock surged by 12% following a strong Q1 earnings report, marking a significant increase to Rs 1724.50. The company’s financial performance for the June 2024 quarter showed impressive growth, with a 34% rise in net profit and a 45% increase in revenue. Olectra greentech share price, This robust performance, coupled with a remarkable 451% stock gain over the past three years, has boosted investor confidence. Despite the stock being in the oversold zone according to the Relative Strength Index (RSI), Olectra’s continued success in the electric vehicle sector and expansion in production capabilities underpin its promising outlook.

FAQs:

1. What caused Olectra Greentech Ltd’s stock to rise by 12%?

   A. The stock surged after the company reported strong Q1 2024 earnings, with a 34% rise in net profit.

2. How much did Olectra Greentech Ltd’s revenue grow in Q1 2024?

   A. The revenue grew by 45%, reaching Rs 314 crore.

3. What is the current market cap of Olectra Greentech Ltd?

   A. The market cap is approximately Rs 14,152.36 crore on BSE.

4. What does the Relative Strength Index (RSI) indicate about Olectra’s stock?

   A. The RSI indicates the stock is in the oversold zone, with a value of 27.2.

5. How has Olectra Greentech Ltd’s stock performed over the past three years?

   A. The stock has gained 451.32% over the last three years.

6. What is Olectra Greentech Ltd’s one-year beta?

   A. The one-year beta is 1.1, indicating low volatility.

7. How did Olectra Greentech Ltd’s EPS perform in Q1 2024?

   A. EPS rose by 33% to Rs 2.92.

8. What is Olectra Greentech Ltd known for in the electric vehicle sector?

   A. The company pioneered the introduction of electric buses in India.

9. When was Olectra Greentech Ltd established?

   A. The company was established in 2000.

10. What other products does Olectra Greentech Ltd manufacture?

    A. Olectra is also the largest manufacturer of silicone rubber/composite insulators for power transmission and distribution networks in India.

Olectra greentech share price

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