Olectra Greentech shares were up 3% at Rs 1,306.65 after the company presented a contract for construction of the greenfield EV manufacturing facility on 150 acres of the land located at Seetharampur, Hyderabad, Telangana to Megha Engineering & Infrastructures Limited (MEIL).

MEIL is the eventual holding company and a party to Olectra Greentech Limited.
The project shall be accomplished within 12 months from the stockholders’ approval date (July 19).
The proposed value of the contract is about Rs 395.12 crore (inclusive of GST).

On July 7, the conglomerate of Olectra Greentech and Evey Trans Private Limited acknowledged a Letter of Intent from Maharashtra State Road Transport Corporation (MSRTC) linking to supply, operation and maintenance of 5,150 electric buses and associated electrical and civil infrastructure of Rs 10,000 crore.

The share moved individually to a 52-week high of Rs 1,465.00 and a 52-week low of Rs 374.35 on July 13, 2023 and February 23, 2023.
The stock trades at 9.35% below its 52-week high and 254.75% above its 52-week low.