Olectra Greentech Ltd and Evey receives LoA for 50 Electric buses

Out of the tenders where Olectra Greentech Limited ("Olectra / Company") and Evey Trans Private Limited (EVEY) were declared as least quoted (L-1) bidders for 353 Buses, for 50 Electric Buses Evey has received Letter of Award from one of the State Transport Authorities (i.e for Inter-City Operations) under FAME-II scheme of Government of India.

This order for supply of 50 Electric Buses is on Gross Cost Contract (GCC) / OPEX model basis (i.e for Inter-City Operations) is for a period of 12 years (Contract Period).

These Buses shall be delivered over a period of 12 months. The maintenance of these buses shall also bc undertaken by the Olectra during the Contract Period. Value of this Contract is approximately Rs. 125 Crores to the Company. These transactions between the Company and EVEY arc to be considered as related party transactions and shall be at arm's length basis.

With these, total order book of Olectra for electric buses against above and earlier orders are around 1,523 electric buses after considering the deliveries already made.

Shares of Olectra Greentech Limited was last trading in BSE at Rs. 799.40 as compared to the previous close of Rs. 761.35. The total number of shares traded during the day was 46634 in over 929 trades.

The stock hit an intraday high of Rs. 799.40 and intraday low of 740.00. The net turnover during the day was Rs. 36857644.00.

Source : Equity Bulls

Keywords

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