Ola’s New ‘Targeted’ Launches
In what is being seen as a story of resurgence and re-emergence, Bhavish Aggarwal-led Ola Electric appears to have convinced some investors that it is on the right path.
Adding to its recent gains, the shares of Ola Electric soared by over 9 per cent in the early hours of the trading session on Wednesday, November 27.
In the past five trading sessions alone, the company shares have galloped their way to new heights, gaining a mammoth 21.66 per cent.
This surge comes to pass after the company’s recent set of unveiled its Gig and S1 Z Scooters, specifically targeting the gig-working realm in India.
In addition to that, the company also introduced the Ola PowerPod. According to Aggarwal himself, “The Ola PowerPod will enable power backup, home solar energy storage and portable power anywhere.”
These new innovations appear to have swayed the markets, as the shares have soared, taking it past its listing price of Rs 75 per share after a relatively long period. The company shares have largely lagged and stumbled below the mark due to controversies surrounding its product quality and services.
Ola Shares Roar Back
Throughout October, and the early half of November, complaints concerning the company had gripped its fortunes. So much so, that even the narrowing of the EV company’s debt in the recently concluded Q2 results also could not sway the markets.
On Wednesday, the shares have consistently risen in value, with the increase in value surging as the intraday trade progressed further.
At 10:59 IST, the shares of Ola Electric Mobility jumped by a colossal 12.95 per cent or Rs 9.51. This took the overall value of the company shares to Rs 82.93 per piece. The shares opened at Rs 77.70, after closing on Rs 73.42 at the end of the previous trading session.
Apart from Ola Electric, the listed venture, the company also has Ola Cabs and the AI entity, Krutrim.
