Olectra Greentech Ltd updates on Electric Bus orders

Out of the tenders where Evey Trans Private Limited (EVEY) and Olectra Greentech Limited (Company) have been declared as L-1(Least Quoted) bidder for 353 Buses (as per the disclosure given on 16 December, 2020), for 150 Electric Buses EVEY has received Letter of Award from one of the State Transport Authorities under FAME-II scheme of Government of India.

This order for supply of 150 Electric Buses is on Gross Cost Contract (GCC) / OPEX model basis for a period in the range of 10-12 years (Contract Period).

EVEY shall procure these Electric Buses from the Company which shall be delivered over a period of 12 months. The maintenance of these buses shall also be undertaken by the Company during the Contract Period. These transactions between the Company and EVEY are to be considered as related party transactions and shall be at arm's length basis.

With these, total electric buses to be delivered by OGL against above and earlier orders are over 900 electric buses.

Shares of Olectra Greentech Ltd was last trading in BSE at Rs.125.75 as compared to the previous close of Rs. 116.5. The total number of shares traded during the day was 133983 in over 2486 trades.

The stock hit an intraday high of Rs. 128.15 and intraday low of 112.4. The net turnover during the day was Rs. 16145119.

Source : Equity Bulls

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