Shares of Olectra Greentech rose 5% intraday on March 6 after receiving an order to supply electric buses to the Telangana State Road Transport Corporation (TSRTC).

Evey Trans Private Limited (EVEY) has received two Letters of Awards (LoAs) from the Telangana State Road Transport Corporation (TSRTC) for 550 electric buses consisting of 500 intracity buses and 50 intercity buses, the company said in a release.

These orders for the supply of 500 and 50 electric buses are based on a gross cost contract (GCC)/OPEX model, respectively, for 12 and 10 years (contract period).

EVEY will source the buses from Olectra Greentech Limited and deliver them within 16 months.

For Olectra, the value of these orders is around Rs 1,000 crore. Olectra will also undertake maintenance of the buses during the contract period, the company said.

The deal between Olectra and EVEY is considered a related party transaction and shall be conducted at arm’s length.

Olectra Greentech was quoted at Rs 536.65 on the BSE at 9:51 am, up Rs 15.55 or 2.98%.