Ola Electric shares rally 53% in a month; will this strong upmove sustain?

Shares of Ola Electric Mobility Ltd jumped 15.42 per cent in Monday's trade to hit a high of Rs 62.35. The stock was last seen trading 14.86 per cent higher at Rs 62.08. At this level, it has rallied 53.09 per cent in the past one month, though it still remains 45.98 per cent lower over the past year.

Exchanges BSE and NSE have placed the counter under the short-term Additional Surveillance Measure (ASM) framework to caution investors amid heightened price volatility.

The pure-play EV maker recently received certification for compliance with the eligibility assessment requirements under the Production Linked Incentive (PLI) scheme for its Gen 3 scooter portfolio. The company also unveiled its first indigenously manufactured 4680 Bharat cell battery and a rare earth metal-free motor at its annual 'Sankalp' event held at the Gigafactory in Tamil Nadu.

Kranthi Bathini, Director of Equity Strategy at WealthMills Securities, said the stock has been regaining investor attention after management commentary and signs of profitability revival. Along with the Bharat cell launch, which is likely to boost margins and strengthen profitability, these developments have brought fresh focus on the counter.

"We are bullish on Ola Electric, both fundamentally and technically. After a six-month consolidation, the structural rebound indicates the stock could move towards Rs 65-70 in the near term. Long-term investors may hold with a stop loss at Rs 54," Nilesh Jain, Assistant Vice-President (Derivative and Technical Research) at Centrum Broking, told Business Today.

Jigar S Patel, Senior Manager – Technical Research at Anand Rathi, placed support at Rs 54 and resistance at Rs 62. He expects the counter to trade in the Rs 62–65 zone near term, with scope to move higher if it sustains above Rs 62.

Founded in 2017, Ola Electric manufactures electric two-wheelers 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 Bengaluru-based company.