Ola Electric Mobility share price jumps 12%, up almost 80% in 6 months - What is driving the stock?

Ola Electric Mobility share price jumped as much as 12% in intraday trade on the BSE on Wednesday, 23 September, looking set to extend gains for the third consecutive session.

Ola Electric shares opened at ₹ 38.16 against their previous close of ₹ 37.78 and jumped 12% to an intraday high of ₹ 42.32, with a spurt in volume by nearly 4 times.

The stock has been on an uptrend lately. BSE data show the company's shares have surged nearly 80% over the last six months, defying stock market volatility.

Ola shares hit their 52-week high of ₹ 59.20 on 23 September last year and a 52-week low of ₹ 21.21 on 2 March this year. Year-to-date, the stock is up nearly 12%.

The stock has been on an uptrend due to new product launches, news flows related to its business expansion, and anticipation of healthy growth in the electric two-wheeler segment.

The company recently launched its first batch of dealer-led stores, just a month after opening its sales and service network to partners. The company said its initial network-partner stores had commenced operations across Rajasthan, Tamil Nadu, Maharashtra, Bihar, Telangana, Uttar Pradesh and Madhya Pradesh.

According to the global financial firm Nomura, electric two-wheeler penetration is rising faster than previously anticipated, driven by improved product offerings, growing consumer acceptance, favourable total cost of ownership (TCO), and supportive government policies.

(This is a developing story. Please check back for fresh updates.)

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