Ola Electric Mobility Ltd Share Price – NSE  / BSE

Automobile, Small Cap

Ola Electric Mobility announced its #SavingsWalaScooter campaign, a transformative initiative to bring EVs closer to every Indian household. As a part of the campaign, Ola Electric is set to expand its sales and service network to 4000 on 25 December, marking one of the fastest rollouts of EV distribution globally.

With 3200+ new stores complementing its existing footprint, Ola Electric is bringing its portfolio of affordable, high-quality EVs closer to consumers across metros, Tier-2, and Tier-3 towns. Co-located with service facilities, these stores will ensure customers receive best-in-class sales and after-sales support, strengthening the #SavingsWalaScooter revolution for a billion Indians.

The #SavingsWalaScooter campaign aligns with Ola Electric's commitment to democratising electric mobility and transitioning India decisively away from ICE vehicles. By leveraging its direct-to-consumer (D2C) model, Ola is ensuring that EV ownership becomes a reality for every household, breaking barriers to adoption and offering relief from rising petrol prices and high cost of ownership of ICE vehicles.

Ola Electric's rapidly expanding network is powered by its innovative product portfolio, including the recently launched Gig and S1 Z scooter ranges, which offer durable, reliable, and flexible solutions for personal and commercial use cases. With introductory prices starting at ₹39,999 and options tailored for rural, semi-urban, and urban markets, these scooters make EVs more accessible than ever. Additionally, Ola's S1 portfolio and the upcoming Roadster series cater to a wide range of customers, reinforcing its position as India's EV market leader.

Powered by Capital Market - Live News

Ola Electric announced plans for a four-fold expansion of its company-owned store network to 4,000 by 20 December 2024. With over 3,200 new stores set to open, Ola Electric will operate India's largest EV distribution network, covering all the country's pin codes. It is one of the world's most significant expansions of the EV footprint bolstering access, growth and adoption in the country. All the newly launched stores will be co-located with service facilities, strengthening the company's service network all across the country.

Regarding the expansion, Bhavish Aggarwal, Chairman & Managing Director of Ola Electric, said: While India is swiftly moving towards electric mobility, Ola Electric's massive network expansion will be a pivotal moment in the country's journey towards #EndICEAge. With our wide D2C network and the touchpoints under our Network Partner Programme, we will cover the entire country beyond tier-I and tier-2 cities. It will enable our best-in-class product offerings to democratise electric mobility, adding buoyancy to t domestic EV economy.

Powered by Capital Market - Live News

The benchmarks indices traded with moderate gains in mid-afternoon trade. The Nifty traded above the 24,300 level. Metal shares extended gains for the fourth consecutive trading session.

At 14:30 IST, the barometer index, the S&P BSE Sensex, was up 328.93 points or 0.42% to 80,341.46. The Nifty 50 index rose 107.75 points or 0.45% to 24,302.30.

In the broader market, the S&P BSE Mid-Cap index rose 0.26% and the S&P BSE Small-Cap index added 0.98%.

The market breadth was strong. On the BSE, 2,489 shares rose and 1,369 shares fell. A total of 136 shares were unchanged.

Buzzing Index:

The Nifty Metal index rose 0.79% to 8,987.50. The index added 3.09% in four consecutive trading sessions.

Adani Enterprises (up 10.73%), Hindustan Zinc (up 0.8%), JSW Steel (up 0.49%), Steel Authority of India (up 0.46%), Welspun Corp (up 0.34%), APL Apollo Tubes (up 0.32%), NMDC (up 0.26%), Jindal Stainless (up 0.21%) added.

On the other hand, National Aluminium Company (down 1.56%), Ratnamani Metals & Tubes (down 0.93%) and Hindustan Copper (down 0.84%) moved lower.

Numbers to Track:

The yield on India's 10-year benchmark federal paper advanced 1.58% to 6.935 as compared with the previous close of 6.941.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 84.4025, compared with its close of 84.2950 during the previous trading session.

MCX Gold futures for the 5 December 2024 settlement added 0.91% to Rs 75,898.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.56% to 106.42.

The United States 10-year bond yield declined 0.84% to 4.269.

In the commodities market, Brent crude for November 2024 settlement added 21 cents or 0.29% to $73.02 a barrel.

Stocks in Spotlight:

Ola Electric Mobility zoomed 19.52% after the company launched its most affordable electric scooters, S1 Z and Gig range, priced from Rs 39,000.

Bajaj Steel Industries rose 0.36%. The company said that it has successfully commenced commercial operation at its new plant at Nagpur for pre-engineered/pre-fabricated steel buildings (infrastructure division).

Powered by Capital Market - Live News

Ola Electric, India's largest electric vehicle (EV) company, has launched its new Gig and S1 Z range of electric scooters. Ola Gig, Ola Gig+, Ola S1 Z, and Ola S1 Z+ are priced at Rs 39,999, Rs 49,999, Rs 59,999, and Rs 64,999, respectively, and are designed for both personal and commercial use.

The Gig range offers two models: the standard Gig and the Gig+. Both scooters feature removable batteries, making them suitable for gig workers and those in rural or semi-urban areas with limited charging infrastructure.

The S1 Z range includes the S1 Z and S1 Z+, which are designed for personal use. Both models offer a range of features, including removable batteries, fast charging, and advanced connectivity.

Ola Electric aims to further democratize electric mobility with these new offerings, expanding its reach to a wider range of customers. The reservations for both the Gig and S1 Zseries are open at Rs 499 starting today. The company plans to begin deliveries of the Gig and S1 Z series in April 2025 and May 2025, respectively.

Ola Electric is a leading Indian EV manufacturer focused on vertical integration, overseeing the entire production process from battery cells to final vehicles. Its Futurefactory in Tamil Nadu is a key production hub, supported by global R&D efforts and the Battery Innovation Centre in Bengaluru. Ola's direct-to-customer sales model, with a vast network of physical and online stores, ensures wide accessibility and a seamless customer experience.

Ola Electric Mobility reported net loss of Rs 495 crore in Q2 FY25 as against net loss of Rs 524 crore in Q2 FY24. Revenue from operations jumped 38.39% to Rs 1,240 crore in Q2 FY25 as compared with Rs 896 crore in Q2 FY24. The company reported negative EBITDA of Rs 353 crore for the quarter ended 30 September 2024, which is lower as compared with negative EBITDA of Rs 412 crore posted in corresponding quarter last year.

Powered by Capital Market - Live News