Olectra, in partnership with RIL, unveils hydrogen bus; stock zooms 20%

Shares of Olectra Greentech zoomed 20 per cent to Rs 482.45 on the BSE in Friday’s intra-day trade amid heavy volumes after the company unveiled its first Hydrogen-powered bus in technical partnership with Reliance Industries.

At 12:36 PM, Olectra Greentech quoted 19.5 per cent higher at Rs 480.15, as compared to 0.25 per cent decline in the S&P BSE Sensex. The trading volumes at the counter jumped five-fold with a combined around 6 million equity shares having changed hands on the NSE and BSE till the time of writing of this report.

Olectra Greentech, a subsidiary of Megha Engineering and Infrastructures Ltd (MEIL), is a pioneer in manufacturing electric buses in India. It is also India’s largest Silicone Rubber/ Composite Insulators manufacturer for power transmission and distribution networks.

The company said the 12-metre low-floor bus has a seating capacity of 32 to 49 seats for passengers and one driver seat. A single hydrogen fill allows the bus to travel up to 400 km. Its commercial launch is expected within a year.

The Hydrogen bus is a fully carbon-free alternative to traditional public transportation. In the wake of the depletion of natural resources and the negative impacts of air pollution and emissions, Olectra has taken the initiative to accelerate the development of Hydrogen-powered buses. This initiative will help out the Indian Government to achieve its carbon-free hydrogen ambitions. Olectra aims to contribute to the nation’s environmentally sustainable energy security through its Hydrogen buses, the company said.

However, the stock has underperformed the market by falling 19 per cent in the past six months, as compared to 1 per cent rise in the S&P BSE Sensex. Further, in the past one year, it has slipped 25 per cent, against a 9 per cent rally in the benchmark index. It had hit a record high of Rs 940 on December 16, 2021.