Olectra Greentech clarifies on electric concept car; shares jump 5%

Olectra Greentech Ltd on Tuesday issued a clarification over a news report about "unveiling of electric car", stating that the company is not engaged in the manufacturing of such vehicles "as of now".

"The electric concept car unveiled at the Telangana Rising Global Summit 2025 belongs to one of our group companies and Olectra Greentech Ltd also participated in the said event," it said.

"The Company will continue to make all requisite disclosures in accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as and when any material development occurs," the electric vehicle (EV) firm added.

Following the announcement, shares of Olectra Greentech surged 4.59 per cent to touch a day's high of Rs 1,222.

Technically, the scrip traded lower than the 5-day, 10-, 20-, 30-, 50-, 100-, 150-day and 200-day simple moving averages (SMAs). Its 14-day relative strength index (RSI) came at 31.59. A level below 30 is defined as oversold while a value above 70 is considered overbought.

The stock has a standalone/consolidated price-to-earnings (P/E) ratio of 67.82/69.25 against a price-to-book (P/B) value of 10.04. Earnings per share (EPS) stood at 17.76/17.39 with a return on equity (RoE) of 14.80. According to Trendlyne data, Olectra has a one-year beta of 1.59, indicating high volatility.

Olectra is a subsidiary of Megha Engineering and Infrastructures Ltd (MEIL), which manufactures electric buses in India. It is also the country's largest manufacturer of silicone rubber/composite insulators for power transmission and distribution networks. As of September 2025, promoters held a 50.02 per cent stake in the EV firm.