Ola Electric Shares Surge 50% from IPO Price; Is It Time to Book Profits?
Ola Electric share price: The stock surged 18.82 per cent to hit a record high of Rs 130. Last checked, it cooled off from the mentioned high level and was trading 4 per cent up at Rs 113.79. At this price, the recently listed scrip has rallied 49.72 per cent from its initial public offering (IPO) price of Rs 76.
Shares of Ola Electric Mobility Ltd continued their sharp upward move in Tuesday’s trade. The stock surged 18.82 per cent to hit a record high of Rs 130. Last checked, it cooled off from the mentioned high level and was trading 4 per cent up at Rs 113.79. At this price, the recently listed scrip has rallied 49.72 per cent from its initial public offering (IPO) price of Rs 76.
The counter made a muted market debut on Friday last week but witnessed a strong buying interest during the post-listing trade. The company raised around Rs 6,145.56 crore from its initial share sale.
A few analysts largely suggested that investors looking for listing gains can consider booking some profit at current levels. With that being said, market participants with a long-term view can hold on to the stock.
“Ola Electric continued its strong momentum for the third day of listing. Investors who applied for listing gains can book some profit at current levels. Those who invested for the longer term can hold on to the stock,” said Kranthi Bathini, Director of Equity Strategy at WealthMills Securities.
“On technical setup, immediate resistance will be at Rs 130 and only a decisive close can trigger the next leg of an upward move. Support could be seen at Rs 114,” said Ravi Singh, Senior Vice-President (Retail Research) at Religare Broking. Investors can consider booking some profit at current intervals, Singh further said.
Ola Electric is the largest E2W (electric two‐wheel vehicles) seller in India by number of units registered in fiscal 2024 and the company is still in investment phase, said Mahesh M Ojha, AVP – Research & Business Development at Hensex Securities. “We believe Ola Electric is a good portfolio pick for investors willing to invest in the EV Sector. Investors can hold for two to three years,” Ojha stated.
Bengaluru-based Ola Electric was founded in 2017. It is a pure-play electric vehicle player that primarily manufactures electric vehicles and certain core components for electric vehicles such as battery packs, motors, and vehicle frames at the Ola Futurefactory.
As of August 8, 2024, promoters held a 36.78 per cent stake in the E2W player.
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