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After the launch of Ola Electric bikes, its stock has gained 20% today. It has reached Rs 133. Ola’s stock has also received the first buy rating from brokerage firm HSBC.
Ola launched its first electric bike Roadster on August 15. The company introduced 3 models of the bike – Roadster, Roadster X, Roadster Pro – at its annual event ‘Sankalp 2024’.
Ola Electric share increased by 75% from the issue price
The issue price of Ola’s share was Rs 76, since then the share has increased by about 75%. HSBC has given a target of Rs 140 with a buy rating.
Ola sold 49% of electric two-wheelers in June quarter
HSBC said Ola not only sold 49% of electric two-wheelers in the June quarter but also aims to make most of the essential EV parts, including batteries, in India.
However, HSBC cited slow EV penetration in the country, intense competition and an uncertain outlook for regulatory support for battery manufacturing as challenges for Ola.
Ola posts Rs 347 crore loss in Q1
Ola Electric released its first quarter results two days ago. Ola has suffered a net loss of Rs 347 crore in the April-June quarter. The company had suffered a loss of Rs 267 crore in the same quarter a year ago. That is, the loss has increased by 30%.
The company’s revenue stood at Rs 1644 crore. It has increased by 32.26% on an annual basis. In the same quarter a year ago, the company had generated a revenue of Rs 1243 crore. The amount received from selling goods and services is called revenue.
Ola Electric Mobility was founded in 2017
Bengaluru-based Ola Electric Mobility was founded in 2017. The company mainly manufactures electric vehicles, battery packs, motors and vehicle frames at the Ola Future Factory. As of March 31, 2024, the company had 959 employees (907 permanent and 52 freelancers).
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