Ola Electric's Market Cap Crosses Rs 50,000 Crore With 54% Rally Since Debut
The stock surged as much as 19% in early trade on Tuesday, cooling off after hitting 20% upper circuit on its first two days on the bourses.
Ola Electric Mobility Ltd.'s market capitalisation exceeded the Rs 50,000 crore mark on Tuesday, driven by continued investor interest since listing three days ago.
The stock surged as much as 19% in early trade on Tuesday, cooling off after hitting 20% upper circuit on its first two days on the bourses. So far, the stock has rallied over 54%.
According to NDTV Profit's analysis, the company's advantages as a pure-play EV manufacturer with a concentration on cleaner technology, its impressive 35% market share in the two-wheeler electric vehicle segment, its initiative to produce battry cells internally and draw in top talent, its internal R&D and technology capabilities, and its eligibility for PLI scheme for cars and batteries are the main reasons behind the optimism.
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Shares of Ola Electric were trading 6.8% higher at Rs 116.92 apiece at 10:25 a.m. on Monday. The benchmark NSE Nifty 50 was trading 0.18% lower. The market cap was around Rs 51,600 crore.
The Bengaluru-based company specialises in electric scooters. It was founded in 2017 and apart from scooters, it also makes certain core components for electric vehicles, such as battery packs, motors, and vehicle frames, at the Ola Future Factory.
The company focusses on developing vertically integrated technology and manufacturing capabilities for EVs and their components, including cells.
