Mumbai: Ola Electric’s stock has risen over 47% in the last one month. This year August proved to be the best month for this company since its listing in August 2024 last year, with its shares rising by nearly 31%. On the first trading day of September that is 1 September, its shares again jumped above 13%. At present, its stock closed at Rs 60.77 on BSE with a gain of 12.50%, while intra-day it also reached Rs 61.08.
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Reason Behind This Boom
Behind this boom is a big news from the company recently. Ola Electric announced that its Gen 3 scooter line has received the Production-Linked Incentive (PLI) certificate. According to the company, Gen 3 scooters have received this certificate, which contribute to 56% of the company’s total production. Along with this, both Gen 2 and Gen 3 portfolios together will get incentives at 13-18% of sales value by 2028, which will strengthen the company’s financial position and is expected to increase profits this quarter.
Meet Ola’s new flagship scooter. Ola S1 Pro+. The Gen 3 version comes with cutting-edge innovations that redefine performance benchmarks. pic.twitter.com/Elq5VZGdkh
— Ola Electric (@OlaElectric) January 31, 2025
Ola Electric Aim?
Ola Electric aims to make its auto business positive at the operating level, and the PLI certificate will help in achieving this goal. This will also provide electric vehicles with advanced features to customers at a better price.
Sales data has also been a reason for the strength of its shares. Ather Energy performed better than Ola in the first half of August, but in the second half of the month, Ola surpassed Ather (15,457 units) by selling 15,514 units.
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Analysts Advice
The shares started at Rs 76 and reached Rs 91.18 on the day of listing. However, after August 2024, it also reached Rs 157.53, but then declined to a low of Rs 39.58 in July 2025. Currently, out of 7 major analysts, two have advised to buy the stock, two have advised to hold and three have advised to sell. The target price is stated to be between Rs 30 to ₹ 63.