As of September 2023, the company's promoters maintain a 50.02% stake, and it operates as a subsidiary of Megha Engineering and Infrastructures Ltd (MEIL), specializing in the production of electric buses within India. Olectra is additionally recognized as the country's largest manufacturer of silicone rubber/composite insulators for power transmission and distribution networks.
Olectra Greentech Ltd shares exhibited a 0.51% increase, trading at Rs 1,261.50 during Wednesday's session. This multibagger stock has yielded substantial returns of 143.51% year-to-date (YTD), attributed to significant order acquisitions and a strategic partnership with Reliance Industries (RIL) for hydrogen buses.
Despite this impressive performance, the stock has undergone a 13.89% decline from its 52-week high of Rs 1,465, observed on July 13, 2023.
Technical analysts express an overall positive sentiment toward the stock. Immediate support is anticipated around Rs 1,200, with the potential for further upside upon breaching the Rs 1,345 level decisively.
Osho Krishan, Senior Research Analyst at Angel One, notes that Olectra Greentech is undergoing a time-wise correction phase after a substantial surge in the current calendar year. The stock's consolidation near the 21-day exponential moving average (DEMA) indicates inherent strength. Support levels are identified at Rs 1,200 and Rs 1,100, while a sustainable breach above Rs 1,300-1,320 is seen as a trigger for the next upward movement.
Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher, suggests a near-term target of Rs 1,315 with a stop loss at Rs 1,237.
Jigar S Patel, Senior Manager - Technical Research at Anand Rathi Shares and Stock Brokers, outlines support at Rs 1,225 and resistance at Rs 1,300, predicting a trading range of Rs 1,180 to Rs 1,350 for the coming month.
AR Ramachandran from Tips2trades identifies a slightly bullish stance on daily charts, highlighting strong resistance at Rs 1,345. The trend will only be negated with a daily close below the support of Rs 1,181, with the next resistance at Rs 1,410.
Trading above various simple moving averages (SMAs), the stock maintains a relative strength index (RSI) of 54.58. The company's stock is characterized by a price-to-earnings (P/E) ratio of 128.02 and a price-to-book (P/B) value of 11.64.
Readers are advised that the provided stock market news serves informational purposes only and should not be construed as investment advice. It is recommended to consult a qualified financial advisor before making any investment decisions.
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