Ola Electric
Ola Electric skyrockets! Shares jump 5% on Rs 367 crore PLI windfall
Mumbai/IBNS: Ola Electric shares jumped 5% in intraday trade on Friday after the electric vehicle maker received Rs 367 crore in incentives from the Ministry of Heavy Industries under the Production Linked Incentive (PLI) scheme, media reports said.
The stock rose 5.4% to touch an intraday high of Rs 37.28, though it remains about 63% below its all-time high of Rs 99.90 reached in December 2024.
Earlier this month, shares had slumped to a record low of Rs 39.79.
Ola Electric has secured Compliance Certification under the PLI scheme for the automobile and auto components sector for its Gen 3 scooter range, according to The Economic Times.
With the certification, the company becomes eligible for incentives ranging from 13% to 18% of the determined sales value of eligible products until 2028, the report said.
The certification was granted by the Automotive Research Association of India (ARAI), an agency under the Ministry of Heavy Industries, and covers all Ola S1 Gen 3 scooter models, including S1 Pro 3kWh, S1 Pro 4kWh, S1 Pro+ 4kWh, S1 X 2kWh, S1 X 3kWh, and S1 X+ 4kWh.
“Securing PLI certification for our Gen 3 scooters, which form the bulk of our sales, is a critical step towards profitability. This will directly strengthen our cost structure and margins, enabling us to deliver sustainable growth,” a company spokesperson said, as quoted by The Economic Times.
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