The surge has added ₹3,360 crore to the company’s market value
What’s the story
Ola Electric Mobility‘s shares jumped over 7% today, marking a massive 33% gain in just three sessions.
The surge has added ₹3,360 crore to the company’s market value.
The spike is mainly due to strong sales numbers for March, Production Linked Incentive (PLI) certification for its Roadster X+ motorcycle, and improved service operations.
Shares of Ola Electric hit ₹30-mark for 1st time
The shares of Bhavish Aggarwal-led Ola Electric jumped over 7% to ₹30.40 apiece on Monday. The three-day rally has pushed its total market capitalization above ₹13,450 crore.
Notably, this is the first time in seven weeks that the stock has crossed the ₹30-mark.
The company recently reported a strong comeback in business performance, with daily orders exceeding 1,000 units in March’s last week and registrations surging over 150% month-on-month to 10,117 units from February’s 3,973 units.
Certification achievement
PLI certification for Roadster X+ motorcycle
Ola Electric recently announced that it has secured PLI certification for its Roadster X+ 11 kW 4.5 kWh from the Global Automotive Research Centre (GARC) under the PLI-Auto Scheme.
The company said this makes the Roadster X+ 4.5 kWh the first motorcycle in the Roadster portfolio to get PLI certification, a major milestone in its expansion into electric motorcycles.
Price cut for Roadster X+ variant
Ola Electric has also announced a major price cut for its 4680 Bharat Cell powered Roadster X+ 9.1 kWh, thanks to rapid economies of scale at its Gigafactory and deep vertical integration of its indigenously developed cells.
The company said as cell production has ramped up, cost efficiencies have improved significantly, allowing it to pass on these benefits directly to customers.
V-shaped month-on-month recovery in market share
Ola Electric has also seen its market share witness a V-shaped month-on-month recovery.
The company said it continued to gain share through March, driven by a structural transformation in service operations.
Over 80% of vehicles are now serviced on the same day, thanks to improved parts availability, faster diagnostics and tighter operational control across the network.
