Bhavish Aggarwal's Dalal Street venture appear to have paid off, at least in the immediate view. Aggarwal-led Ola Electric Mobility shares have been relentless, with more investors joining the line. On Monday, August 19, the company shares rose by over 9 per cent, hitting the upper circuit.
Ola Electric Shares Hit Upper Circuit
Ola opened for its initial public offering (IPO) on August 2, 2024 and closed on August 6, 2024, with an allotment on August 7, 2024. The company was officially listed on the NSE on August 9.
The company was listed and opened for trading at Rs 76.
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In a matter of about 10 days, the company's shares have almost doubled.
On August 19, the company shares gained 9.99 per cent or Rs 13.30, rocketing to Rs 146.38 a share, before hitting the upper circuit and being halted for further trade.
Upper Circuit
The largest price a stock can hit in a single trading session is known as an 'Upper Circuit'. Trading of the stock in question is temporarily halted when it reaches its upper circuit. This is done to stop investors from purchasing the stock at inflated prices, which could cause a market bubble.
Ola Results
One of the major reasons behind this surge is the quarterly results released by the company.
In the results, the company's net losses for the quarter that concluded in June increased to Rs 347 crore. This was greater than the loss of Rs 267 crore that it reported during the same quarter last year.
Ola's most recent focus has been on its first electric motorbike, the Ola Roadster X, which is estimated to cost around or over Rs 1 lakh. |
Nevertheless, the results also showed the company's revenue had also jumped. The Bengaluru-based company's revenue rose by a remarkable 32.3 per cent year-on-year.
The company generated a revenue of Rs 1,644 crore; this was greater than the corresponding quarter of the previous fiscal year, when Ola accrued Rs 1,243 crore in revenue.
Ola's most recent focus has been on its first electric motorbike, the Ola Roadster X, which is estimated to cost around or over Rs 1 lakh.
