India's Olectra Greentech up on report of Delhi govt's plan to buy e-buses

Olectra Greentech

02/01/2023 08:34

** Shares of electric bus maker Olectra Greentech Ltd
 OLEC.NS  rise as much as 5.08% to 522 rupees, highest since
Dec. 22
    ** OLEC shares rise on reports that the Delhi government
will procure 1,500 e-buses in 2023 and 80% of its buses will be
electric by 2025
    ** Co on track to snap three sessions of losses
    ** Stock trading below its 100-day and 200-day simple moving
averages for more than two months, and slipped below its 50-DMA
on Dec. 21 extending a bearish bias
    ** ~232,500 shares change hands by 1:21 p.m. IST vs 30-day
avg of ~319,280 shares
    ** Stock was down ~38% last year 
 (Reporting by Biplob Kumar Das in Bengaluru)
 ((Biplobkumar.das@thomsonreuters.com))