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Business News/ Markets / Stock Markets/  Stock to buy: Anand Rathi recommends Olectra Greentech as its stock pick of the month
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Stock to buy: Anand Rathi recommends Olectra Greentech as its stock pick of the month

Stock to buy: Olectra Greentech share price has gained over 33% year-to-date (YTD), while the stock has jumped more than 158% in one year. Olectra Greentech shares have given multibagger returns of over 900% in the past three years.

Stock to buy: Olectra Greentech is India’s largest pure electric bus manufacturer. Premium
Stock to buy: Olectra Greentech is India’s largest pure electric bus manufacturer.

Domestic brokerage firm Anand Rathi is bullish on Olectra Greentech shares and expects the stock to give up to 12% upside in a timeframe of one month. Based on the technical analysis, the broking firm has picked Olectra Greentech shares as its pick of the month.

After a period of consolidation in the approximate range of 1,600 - 1,700 , Olectra Greentech share price has successfully broken out of a bearish trendline that had persisted for 3 - 4 months. 

Olectra Greentech stock is now comfortably maintaining its position above this trendline, indicating a strong upward movement. From an indicator perspective, the weekly stochastics have reversed near the oversold zone and have formed a bullish crossover, which is a positive sign for potential gains, Anand Rathi said in a note.

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Based on this analysis, the brokerage firm recommends that traders and investors consider taking a long position in Olectra Greentech shares in the range of 1,785 - 1,815. The target for this upward move is set at 2,020, with a stop loss placed at 1,690.

Olectra Greentech is India’s largest pure electric bus manufacturer. The company has its manufacturing facilities at Hyderabad. It is India’s first ever electric bus manufacturer having manufactured and deployed all variants of Electric Buses in India. The company is said to be expanding its product line in the e-mobility segment for electric trucks and electric tippers.

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The company reported a consolidated net profit of 13.71 crore in the quarter ended March 2024, a significant drop from 27.01 crore in the year-ago period. Its revenue declined to 288.81 crore in Q4FY24 from 375.91 crore, YoY.

Olectra Greentech share price has gained over 33% year-to-date (YTD), while the stock has jumped more than 158% in one year. Olectra Greentech shares have given multibagger returns of over 900% in the past three years.

At 10:15 am, Olectra Greentech shares were trading 0.48% lower at 1,800.00 apiece on the BSE.

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Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.

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Published: 28 May 2024, 10:18 AM IST
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