Ola Electric shares surge 20 pc; hit upper circuit limit

NEW DELHI: Shares of Ola Electric Mobility Ltd surged 20 per cent on Friday to hit the upper circuit limit after the Ola Group announced its foray into the electric motorcycle segment with the launch of three models and two more in the pipeline. The company also reported a jump in revenue from operations for the April-June quarter of 2024-25.

The stock jumped 19.99 per cent to Rs 132.76 -- its highest trading permissible limit for the day -- on the BSE.

On the NSE, shares of the firm soared 20 per cent to Rs 133.08 -- its upper circuit limit.

The company's market valuation stood at Rs 58,558.18 crore.

Shares of the Bhavish Aggarwal-led electric two-wheeler company made their market debut on August 9. From the issue price of Rs 76, the stock is currently up nearly 75 per cent.

Ola Electric Mobility on Wednesday reported a jump in revenue from operations in the April-June quarter of FY25 at Rs 1,644 crore against Rs 1,243 crore revenue recorded in the same quarter of the previous fiscal.

The June quarter has been a "good quarter" in terms of growth and profitability, Chairman and CEO Bhavish Aggarwal said in a post-earnings call.

Meanwhile, the group has rebranded its ride-hailing service as Ola Consumer announced a partnership with Open Network of Digital Commerce (ONDC) and launched automated warehousing solutions to cater to quick commerce requirements.

Besides, Ola said it will bring to the market the first indigenously designed and developed family of chips for AI, general and Edge computing by 2026 under its Krutrim venture.

Speaking at Sankalp 2024 - Ola's annual launch event on Thursday, Ola Founder Bhavish Aggarwal said currently, two-thirds of India's two-wheeler market consists of motorcycles, and it was imperative for the company to enter the segment.

"We have already been successful in accelerating the EV adoption in the scooter segment, and with our futuristic portfolio of products, we are now focused on supercharging the EV penetration through our motorcycles," he said.

Aggarwal also said Ola's indigenously developed 'Bharat 4680' cell and battery pack will be integrated with its own vehicles starting in the first quarter of FY26. The company showcased its all-new Gen-3 platform for two-wheelers.

"Coupled with the integration of our cells in our vehicles starting early next year, we are determined to chart a new course for mass EV adoption across India," Aggarwal added.