Olectra Greentech shares plunge 6% after promoter's name appears on electoral bond list
Olectra Greentech's shares declined by 6% as MEIL Holdings acquired electoral bonds worth Rs 966 crore. The company's revenue showed sequential growth.
Shares of fell nearly 6% on Friday to the day's low of Rs 1,687 on the NSE after the company's promoter emerged as the second-highest purchaser of electoral bonds. The latter has purchased electoral bonds worth Rs 966 crore.Olectra Greentech manufactures electric buses while MEIL or Megha Engineering & Infrastructure Limited has business interests in a slew of sectors including irrigation, transport, manufacturing, power, drinking water and hydrocarbons.
The list was shared by the Indian Election Commission's website following a Supreme Court order which had asked the State Bank of India () to hand over the list to the national election watchdog.
On Thursday the stock had ended with gains of over 13% at Rs 1,810.
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Shares of Olectra Greentech have given multibagger returns of 172% over the past 12 months while its returns in 2024 so far have been to the tune of 25%. This is an outperformance over Nifty which has delivered returns of 29% in the last one year and 1% in the year-to-date. The stock is currently trading below its 50-day simple moving average (SMA) while above its 200-day SMA.
Olectra's consolidated net profit for the December ended quarter stood at Rs 27.11 crore which was up 46% from Rs 18.57 crore reported by the company in the September quarter. In the corresponding quarter of the last financial year, the company reported a profit after tax (PAT) of Rs 15.30 crore. The revenue from operations for the reported quarter stood at Rs 342.14 crore versus 256.42 crore in Q3FY23, up by over 33%. On a sequential basis, the revenue jumped 11.40%.
Among the other listed entities whose names appeared in the SBI list include , IndiGo, , , , , , , PVR, Sula Wines, , Sun Pharmaceuticals, , CEAT tyres, , , and .
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