Olectra Greentech bags order for 2,400 electric buses; stock surges

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Olectra Greentech Ltd has been awarded a contract from Brihan Mumbai Electric Supply & Transport Undertaking (BEST) for supply of 2,400 electric buses.

The company’s stock ended 1.95 per cent higher on the NSE, closing at ₹2,102.95. The stock had hit a 52-week high today at ₹2,221.95.

As per the company’s regulatory filing, the letter of award from the authority pertains to the supply, operation, and maintenance of those electric buses on a gross cost contract basis (GCC) or OPEX model basis for 12 years.

However, these buses shall be delivered over eighteen months.

According to Olectra Greentech, the value of these buses would be around ₹4,000 crore for the company.