Ola Electric, the Bengaluru-based EV maker made forced waves to move the favour and they fought of the headwinds at Dalal Street.
Ola's Weeek At The Markets
Unlike the previous two trading weeks, which saw shares of Ola electric contract below its listing, this week saw the resurgence of the company shares at the National Stock Exchange.
However, one must note that this surge was brought to a grinding halt on the last of the previous weeks trade, on Friday, November 29.
Cumulatively, while accounting for the losses made on the last day or the most recent trading session, Bhavish Aggarwal-led company made gains of 22.05 per cent or Rs 15.76 in just the matter of 5 trading sessions or more precisely, in the previous trading week.
The growth was so significant, that it almost neutralised the losses that the value of the shares otherwise incurred in the whole of November, ending the month with cumulative greens.
Reasons Behind The Surge
This surge over the past week was mainly driven factors that are often seen a cornerstone of stock growth. R&D and a new product launch often tends to embolden investor sentiment and faith in company's potential. This is the case because it generates a purview of movement in the company's growth story.
For Ola, it was the launch of its new line of scooters specifically targeting the growing gig-working realm in the country.
In addition, the company also launched its new set of portable batteries, that could change the way EVs are used in Urban and Rural setting in India.
Ola Electric Shares
When we take a closer look at the stocks, as mentioned before, the company shares tumbled on Friday, November 29.
The Ola Electric shares that opened at Rs 92.99 per price, suffered, as by the day, it was reduced to Rs 87.25, aftering declining by 6.17 per cent or Rs 5.74. This brought the overall value to Rs 87.25.
However, when we look at the overall gain made, in the past week alone, the equity rose in value by a monumental 22.05 per cent or Rs 15.76. This, took the value of the shares beyond the Rs 75 mark, at which it was listed at the NSE on August 09.
This recent surge will be seen as a shot in the arm for the company. It however remains to be seen, whether the company can sustain the momentum.
