GSRTC not to proceed with additional 50 buses order to Olectra Greentech Ltd

Olectra Greentech Limited ("Olectra / Company") had initially bagged an order for the supply of 50 Electric Buses from Gujrat State Road Transport Corporation ("GSRTC") which has been already supplied as on date. Further, as per the said tender conditions GSRTC was authorised to place order for additional number of buses at their discretion. Accordingly, GSRTC issued a Letter of Award to Olectra for additional 50 buses.

Now therefore, in continuation to our disclosure dated 16th August 2021 pertaining to the bagging of additional 50 buses order by Olectra from GSRTC, we do hereby, inform you that the parties have mutually decided not to proceed with the additional buses order.

Except for the order book getting reduced by 50 buses, there are no adverse impact on the Company since the Company has been consistently bagging larger orders for Electric Buses.

Shares of Olectra Greentech Limited was last trading in BSE at Rs. 595.90 as compared to the previous close of Rs. 601.40. The total number of shares traded during the day was 9277 in over 823 trades.

The stock hit an intraday high of Rs. 610.65 and intraday low of 594.05. The net turnover during the day was Rs. 5566202.00.

Source : Equity Bulls

Keywords

OlectraGreentech INE260D01016 AdditionalOrderCancellation