Shares of Ola Electric Mobility extended their winning streak on Tuesday, rising nearly 7% in intraday trade to touch Rs 101.42 on the Bombay Stock Exchange (BSE).
At 12:10 pm, the stock was up 6.55%, trading at Rs 99.37.
Over the past five trading sessions, Ola Electric shares have gained nearly 28%, recovering sharply from their 52-week low of Rs 66.60. The rally comes on the back of significant announcements by the company, coupled with optimistic brokerage ratings.
STORE EXPANSION BOOST
Ola Electric's CEO Bhavish Aggarwal has unveiled an ambitious plan to expand the company's owned-store network four-fold to 4,000 outlets by December 2024.
This expansion would establish Ola Electric as the leader in EV distribution, with facilities covering every pin code in India. The company also plans to integrate these stores with service centres to bolster its after-sales network.
RECENT LAUNCHES
Investor sentiment also received a boost from the recent launch of the Gig and S1 Z range of electric scooters, priced from Rs 39,999 (ex-showroom), which has fuelled optimism about the company's ability to capture a larger share of the two-wheeler EV market.
Analysts remain bullish on Ola Electric's stock. According to Citi, the company's 38% market share in the two-wheeler EV segment positions it well for sustained growth.
CITI'S STOCK RATING
Citi has assigned a "Buy" rating with a target price of Rs 90, highlighting upcoming launches in motorcycles and electric three-wheelers as key growth drivers. While Citi noted some challenges in service quality, it expects supply chain improvements to mitigate these issues.
Comentarios