Ola Electric’s stock caught a strong rally, gave profit to investors for the second consecutive day
Ola Electric shares: Ola Electric Mobility, a recently listed company, saw its shares shoot up by 20 percent on August 12, landing at Rs. The shares hit a high of 109.44, marking their second round of gains. This rise followed an earlier surge of 20 percent at the market opening on August 9. On that day, 57 crore shares changed hands, as opposed to 14 crores in the morning. Ola pulled in Rs 2,763 crore from anchor investors on August 1, including domestic mutual funds, life insurance companies, and foreign funds.
Preparations to launch the first electric motorcycle
The company, led by Bhavish Aggarwal, plans to disclose its Q1 results on August 14—its first board meeting since listing. The meeting will review and approve the unaudited, comprehensive, and consolidated financial results for the quarter ending June 30, 2024. Excitingly, Ola Electric is preparing to launch its first electric motorcycle on Independence Day. Although there aren’t any official details yet, the company has been working on an electric motorcycle for a while now.
The company’s stock jumped 5 percent
Last August, they revealed concept electric motorcycles – the Diamondhead, Adventure, Roadster, and Cruiser. Out of all the anchors, 40 percent were domestic mutual funds. About 54 percent were global investment firms. SBI MF, HDFC MF, and Nippon India MF were among the domestic mutual funds with the most substantial stakes. An IPO pulled Rs 5,500 crore into the company, which was a mix of new issues and the sale of 8.49 crore shares worth Rs 645.6 crore by current shareholders, including founder Bhavish Aggarwal. At 9:50 am, company shares were trading at Rs 105, a 15 percent bump, on the NSE.
