New Delhi: Shares of Ola Electric Mobility continued their upward momentum on Tuesday, climbing over 9 per cent to hit a day’s high of Rs 101.78 on the NSE. The stock has now gained more than 50 per cent from its all-time low of Rs 66.60. Despite a lackluster start on the stock exchanges at Rs 75.99 on the BSE and Rs 76 on the NSE—matching its IPO issue price—the stock initially soared to Rs 140 apiece post-listing. However, after the early excitement faded, Ola Electric’s shares experienced a significant drop, even slipping below their IPO price.
Why Ola Share Prices Are Surging?
The recent surge in the stock is attributed to several factors, including Ola Electric CEO Bhavish Aggarwal’s announcement of plans to expand the company’s owned stores to 4,000 outlets by December 2024. This ambitious move aims to strengthen Ola Electric’s retail presence.
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Adding to the positive sentiment was the recent launch of Ola’s Gig and S1 Z electric scooters. Priced starting at Rs 39,999 (ex-showroom), the new models have boosted investor confidence in the company’s ability to capture a larger share of India’s growing two-wheeler EV market.
Ola Electric's share price surged as high as 8.69 per cent to Rs 101.40 per share before paring gains, trading 4.68 per cent higher at Rs 97.66 as of 11:57 a.m., outpacing the NSE Nifty 50 index, which was up 0.6 per cent. The stock has gained 7.6 per cent since its listing, with trading volumes reaching 4.4 times the 30-day average. The relative strength index (RSI) stood at 68, indicating strong momentum. Among seven analysts tracking the stock, five have a 'buy' rating, while two recommend 'sell,' with Bloomberg data showing an average 12-month target price suggesting a marginal upside of 0.1 per cent.
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. Times Now Digital suggests its readers/audience to consult their financial advisors before making any money-related decisions.)
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