Ola Electric stock jumps 7% to ₹39.50 after dealer rollout
Ola Electric's stock bounced back with a 7% jump on Thursday, hit a day's high of ₹39.50 on the NSE.
After a recent dip, the surge came as the company rolled out its first dealer-operated stores in seven states, Rajasthan, Tamil Nadu, Maharashtra, Bihar, Telangana, Uttar Pradesh and Madhya Pradesh, sparking renewed investor interest and massive trading volumes.
Ola revenue down 45% brokers cautious
These new stores are part of Ola's push to reach more customers and serve local demand for its scooters and motorcycles.
Financially, Ola managed to cut losses this quarter but saw revenue drop by 45%.
Brokerages remain cautious: Kotak and Citi still say "Sell" due to "volume scale remains the critical hurdle" and "FCF outflow poses another challenge despite QIP" for Kotak, while Citi says "Weaker volumes and lower gross margin was offset by cost control and PLI penalty reversal."
Goldman Sachs is neutral with a price target of ₹40.