After receiving a contract to deliver electric buses to the Telangana State Road Transport Corporation, the stock of Olectra Greentech increased 5% intraday.
According to a press release from the company, Evey Trans Private Limited (EVEY) has received two Letters of Awards (LOAs) from the Telangana State Road Transport Corporation (TSRTC) for 550 electric buses, 500 of which will be used for intra-city operations and 50 of which will be used for inter-city operations.
Over a term of 12 years and 10 years, respectively, (the Contract Period), these orders for the delivery of 500 and 50 electric buses are to be made on the basis of gross cost contracts (GCC) / OPEX models.
These buses will be purchased by EVEY from Olectra Greentech Ltd and delivered over the course of 16 months.
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