Ola Electric shares will yield returns like IREDA
Shares of Bhavish Aggarwal-led Ola Electric Mobility are moving towards gains on Monday despite the negative trend in the equity markets. The company’s stock rose 19.99 per cent to hit the upper circuit of Rs 109.41 on BSE. Since its listing on August 9, 2024, the stock of Ola Electric Mobility is trading fast and has gained 43.97 per cent so far. Earlier on Friday, after a flat start on BSE, the stock gained 20 per cent and hit an all-time high of Rs 91.18 per share.
Experts give this advice.
However, analysts remain skeptical about the company following its disappointing start. Prashant Tapse, senior vice president (research) at Mehta Equities, said in a media interaction that the fear of a discounted listing is over and there was heavy buying seen post-listing. Tapsey believes the long-term story remains intact and markets are focused on the news that Ola electric bikes will be launched in India on August 15.
Ola Electric Mobility informed the exchanges through a regulatory filing early on Friday that a meeting of the company’s board of directors will be held on August 14, 2024 to consider the unaudited consolidated and standalone financial results for the quarter ending June 30, 2024. It will be held.
Is the stock following IREDA’s path?
Ola Electric stock is getting a lot of things from Indian Renewable Energy (IREDA). Firstly, when this stock went public, many experts were saying that the stock had no strength. It has become overvalued. It will go down. The company is associated with the energy sector, which has a strong future. This stock gave returns of over 200% in the next two months.
Ola Electric is also a company associated with the electric vehicle sector, which has a lot of future. The company had a 52% share of the Indian electric two-wheeler market in April 2024, according to data from the government vehicle portal. Now, it can be deduced from this that there will be tremendous growth in the two-wheeler segment in the near future. Because 4-wheeler electric vehicles are not yet proving effective for long routes, but the demand for electric vehicles is rapidly increasing in the two-wheeler segment. This shows that the company can achieve great success in the coming months. And secondly, this stock has also returned 20% within a week of its listing.
