 "Olectra Greentech soars 14% as Q3 PAT up 72%; charts show more gains ahead")
Olectra Greentech share price today rallied nearly 14 per cent on the stock exchanges in the intraday trade, after the company reported its December quarter results post market hours on Wednesday.
At 11:55 AM, Olectra Greentech share price was quoting 11.4 per cent higher at Rs 1,475.8 per share as against a 0.35 per cent rise in the benchmark BSE Sensex index. Olectra Greentech share hit an intraday high of Rs 1,507 per share, up 13.7 per cent in the BSE.
In Q3FY25, Olectra Greentech reported a consolidated net profit of Rs 46.33 crore, up 71.7 per cent over a profit of Rs 26.98 crore reported in the corresponding quarter last year. On a sequential basis, however, net profit dipped slightly from Rs 47.56 crore seen in Q2Y25.
Olectra Greentech's revenue from operations in Q3FY25 came at Rs 515.37 crore, registering a 50.6 per cent surge over Rs 342.14 crore revenue seen in Q3FY24. Over Q2FY25, revenue was down from Rs 523.67 crore.
The company's total income jumped to Rs 517.58 crore from Rs 344.65 crore Y-o-Y.
Segment-wise, Olectra Greentech's revenue from the Insulator division increased to Rs 47.05 crore from Rs 36.07 crore Y-o-Y. Sequentially, it was up from Rs 41.20 crore.
Revenue from e-vehicle division, on the other hand, stood at Rs 468.31 crore, up from Rs 306.06 crore. It, however, was down from Rs 482.47 crore Q-o-Q.
Olectra Greentech is a automobile company, primarily engaged in the manufacturing of Composite Polymer Insulators, Electric Buses, and Electric Trucks.
Olectra Greentech share is a part of the BSE500 index, and trades under Group 'A' category of stocks.
The company has a market capitalisation of Rs 12,172 crore with a price-to-earnings (P/E) multiple of 85.7x. The company has a return on equity (RoE) of nearly 13 per cent, according to the BSE.
A host of SmallCap index funds own Olectra Greentech in their portfolios, including Nippon India Nifty SmallCap 250 Index Fund, SBI Nifty SmallCap 250 Index Fund, Motilal Oswal Nifty SmallCap 250 Index Fund, ICICI Pru Nifty SmallCap 250 Index Fund, and Edelweiss Nifty Smallcap 250 Index Fund.
Olectra Greentech stock hit a 52-week high/record high of Rs 2,222 on the BSE on February 22, 2024. It hit a 52-week low of Rs 1,240 on January 13, 2025.
Olectra Greentech share price target
With today's 14-per cent surge, Olectra Greentech share price attempted to surpass multiple moving averages on the daily chart.
The stock's day high of Rs 1,507 was higher than the stock's 20-day moving average (20-DMA) of Rs 1,391, and 50-DMA of Rs 1,472.
The stock, however, pared gains after it tested the higher end of the Bollinger Band of Rs 1,502.
Going ahead, the stock needs to surpass this immediate resistance of Rs 1,502 decisively to move to the next resistance of Rs 1,551 -- the stock's 100-DMA. Beyond this, the next resistance is at Rs 1,630.6 -- the stock's 200-DMA.
Momentum oscillators, like RSI 14, Slow Stochastic, and MACD indicators, are flashing bullish signals, suggesting potential sustenance of upward momentum.