Olectra Greentech, the leading electric bus manufacturer, saw its shares reach a one-year high on Monday. While short-term pressure caused some decline, the company has proven to be a multibagger stock, turning a ₹1 lakh investment into over ₹1 crore in just nine years. In just five months, the company doubled investors’ money, and it continues to perform well in the market.
Olectra Greentech’s share price was at ₹7.15 in March 2014, but it has since increased by over 10,747% to close at ₹775.55 on Monday. The company has consistently delivered excellent returns to investors, making it a great long-term investment option.
In February 2023, Olectra Greentech’s shares were trading at ₹374.35, but within four months, they shot up to ₹819.95, a gain of over 119%. The surge in demand for electric buses has been a significant driver of this growth. The company recently received a massive order of 2,100 electric buses worth ₹3,675 crore from Mumbai’s public transport operator BEST and 550 buses from Telangana State Road Transport Corporation.
Olectra Greentech has also announced a partnership with Reliance Industries to manufacture hydrogen fuel cell buses. This move is expected to further bolster the company’s position in the market and provide more opportunities for growth.
As investors continue to show interest in stocks, the number of demat accounts opened in May surpassed 20 lakh. This trend has been largely driven by the rally in equity markets.
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