The shares of Ola Electric Mobility have been steadily witnessing an upsurge despite the negative market sentiment on Monday. The company's stock has increased as much as 19.99 percent to hit the upper circuit of INR 109.41 on the BSE.
Furthermore, the shares have been trading higher since their listing on Friday, August 9, 2024. And currently, it has climbed 43.97 percent till date. Previously, on Friday, after making a flat debut on the BSE, shares rallied 20 per cent to hit the upper circuit at Rs 91.18 per share. Having said so, analysts still remained skeptical about the company’s lackluster debut.
Prashanth Tapse, Senior Vice President (Research), Mehta Equities, stated that the fear of discounted listing was out of the woods. He also highlighted that there was a huge buying post listing. He believes that the long term story is intact while the markets are focusing on news that Ola Electric Bike is set to launch in India on August 15.
"Considering all the factors, we advise only risk taking investors to continue to hold with a minimum holding period of 2-3 years and recommend to accumulate on every dip to be part of long term journey," said Tapse.
Earlier on Friday, Ola Electric Mobility also informed the exchanges through regulatory filing that a meeting of the Board of Directors of the company will be held on Wednesday, August 14, 2024. The notion of the meeting would be to consider and approve the unaudited standalone and consolidated financial results pertaining to the quarter which ended at June 30, 2024.
Ola Electric, which is a pure EV player in India, had nearly 35 percent market share in India's electric two-wheeler market in the previous financial year (FY24). Currently, the company is focused on developing vertically integrated technology and manufacturing capabilities for EVs and EV components which will include cells as well. Today, Ola Electric commands a m-cap of INR 46,278.43 crore on the BSE.
