Ola Electric Share Price: The trading session of Tuesday, September 17, 2024 has been very good for the stock of Ola Electric Mobility Ltd. As soon as two foreign brokerage houses advised investors to buy the stock of Ola Electric, the company’s stock hit an upper circuit after a jump of 10 percent. The stock of Ola Electric closed at Rs 117.96 with a jump of 9.63 percent.
Foreign brokerage house Goldman Sachs has advised investors to buy the stock for a target price of Rs 160 in its coverage report on the stock of Ola Electric Mobility. In its report, Goldman Sachs said that the company will benefit from the increasing demand for electric two-wheelers in India in the long term. Also, due to in-house battery cell manufacturing, the stock will see movement in the coming year. Annual revenue growth can jump by more than 40 percent from FY 2023-24 to 2029-30.
BofA Securities has also advised investors to buy the stock of Ola Electric Mobility for a target price of Rs 145. According to the brokerage house, the company is the largest electric two-wheeler company in the country with a market share of 40 percent. Also, the price of electric two-wheelers is now lower than petrol-powered scooters.
Due to the reports of these brokerage houses, Ola Electric’s stock has seen a strong rally. HSBC has also previously advised to buy Ola Electric shares and has given a target of it going up to Rs 140. The company has launched its three electric bikes. The company will benefit from this launch in the electric motorcycle vehicle segment. Ola Electric Mobility brought its IPO in August 2024. And since listing, the stock has given strong returns to investors. The issue price of the company in the IPO was Rs 76. The stock has jumped more than 55 percent from the IPO price.
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