Olectra Greentech Shares Jump 9% as Regulators Approve Electric Tripper

Olectra Greentech shares snapped a 2-day losing streak to surge 9% today.

Shares of Olectra Greentech surged 9% intraday on March 2 after the company said its electric tripper received the country’s first certification from India’s auto regulator.

Certification is the process by which regulators certify a vehicle’s airworthiness.

“The Olectra electric tripper is India’s first certified in-house designed and manufactured heavy-duty electric tripper. We recently showcased the prototype at our exhibitions in Delhi and Bangalore, which aroused great curiosity and enthusiasm. The first batch of 20 e-tippers is in the final stage of discussions. We will soon launch variants of electric tippers and electric trucks,” said Chairman and Managing Director KV Pradeep.

The electric tripper can be used day and night at the workplace because it is silent and has zero carbon emissions, the company said.

Recently, Olectra, a group company of Megha Engineering and Infrastructures Ltd (MEIL), also announced a technology partnership with Reliance Industries to develop hydrogen buses, which the company hopes to launch within a year.

It said hydrogen buses would be a carbon-free alternative to traditional public transport.

Shares of Olectra have been up 31% since the partnership was announced on February 23.

In Q3FY23, the company reported a 4% year-on-year rise in consolidated net profit to Rs 13 crore, while revenue rose 21% year-on-year to Rs 248.6 crore.

Shares were trading 5.34% higher at Rs 522.85 per share on the National Stock Exchange at 2:58 pm. The benchmark Nifty fell 0.70% to 17,328.90 points.

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