Ola Electric, which launched its IPO on August 9, has seen impressive growth, with its share price increasing by approximately 75% since its debut. The stock has hit the upper circuit limit three times in five days. Initially listed at Rs. 76, Ola Electric shares closed at Rs. 133 on Friday, reflecting a near doubling of value. An investment of Rs. 1 lakh would have grown to Rs. 1.75 lakh in this short period.
HSBC has rated the stock as a 'Buy,' with a target price of Rs. 140 per share. This positive outlook follows Ola Electric's launch of its first electric motorcycles—Roadster, Roadster X, and Roadster Pro—on August 15. The stock's rapid rise coincides with these new product announcements and industry growth expectations.
The company's financials show a widening loss on an annualized basis for Q1FY25 at Rs. 346 crore compared to Rs. 268 crore in Q1FY24. However, there was a reduction in the loss from the previous quarter, indicating some financial improvement.