Ola Electric shares extend gains, jump 10%; analysts see bullish trend

Shares of Ola Electric Mobility Ltd continued their upward momentum for the third straight session on Thursday, rising 9.74 per cent to touch a high of Rs 55.75. Both BSE and NSE have placed the stock under the short-term Additional Surveillance Measure (ASM) framework to caution investors amid sharp price swings.

The pure-play EV maker recently announced it has received certification for compliance with the eligibility assessment requirements under the Production Linked Incentive (PLI) scheme for the automobile and auto components sector, for its Gen 3 scooter portfolio.

Earlier, at its first annual general meeting (AGM) since listing in 2024, the Bhavish Aggarwal-led firm said shareholders approved the reallocation of IPO proceeds. The company stated that 99 per cent of shareholders voted in favour of the resolution, which would fully cover its near-term organic growth capital requirements.

The Bengaluru-based company also unveiled the Ferrite Motor, eliminating the need for imported heavy rare earth magnets. It launched the S1 Pro+, S1 Pro Sport 5.2kWh and Roadster X+ 9.1kWh powered by 4680 Bharat Cells, showcased a prototype of its Moonshot Project – Diamondhead, rolled out the AI-driven MoveOS 6, and shared details of its Gen 4 platform for upcoming two-, three- and four-wheelers.

On the technical front, a few analysts turned positive on the counter. "Ola Electric has started gaining some traction after a substantial consolidation near Rs 40-odd zone. The recent surge has led to a positive crossover, which is well-construed as a bullish outlook. The support has shifted to the Rs 46-42 subzone, while the next potential resistance is visible around the Rs 58-60 range," said Osho Krishan, Senior Analyst – Technical & Derivative Research at Angel One.

Sebi-registered analyst AR Ramachandran also noted, "Ola Electric stock price is bullish but also overbought on daily charts with strong support at Rs 51. A close above the resistance of Rs 54.6 could lead to an upside target of Rs 58 in the near term."

Founded in 2017, Ola Electric manufactures EVs and key components such as battery packs, motors and frames at its Ola Futurefactory. As of June 2025, promoters held a 36.78 per cent stake in the electric two-wheeler (E2W) maker.