From mint · A Ksheerasagar · · 1m 10s
Ola Electric Shares Surge 16% Despite Brokerage Downgrades
Ola Electric shares jumped 16.3% on Tuesday, their biggest single-day gain since April, even as brokerages cut ratings.
In brief
Ola Electric shares jumped 16.3% on Tuesday, their biggest single-day gain since April, even as brokerages cut ratings. Ola Electric shares rose 16.3% to ₹34.80 after trading volumes spiked, despite Goldman Sachs and HSBC downgrades. Originally reported by mint.
Quick answers
- Why the Rally?
- Improved auto-sector sentiment and Ather Energy's profitability boosted investor confidence.
- What is the key takeaway from Ola Electric Shares Surge 16% Despite Brokerage Downgrades?
- Ola Electric shares rose 16.3% to ₹34.80 after trading volumes spiked, despite Goldman Sachs and HSBC downgrades.
Ola Electric Shares Surge
Ola Electric shares jumped 16.3% on Tuesday, October 27, their biggest single-day gain since April.
Trading Volumes Spike
Trading volumes surged to 345 million shares, nearly 3.2 times the weekly average.
Brokerage Downgrades
Goldman Sachs downgraded Ola Electric to 'Sell' from 'Neutral' and cut its target price to ₹23 per share.
Market Context
The stock remains down 4% for the month despite the rebound, following a five-month low after downgrades.
SoftBank Sells Rights
SoftBank's SVF II Ostrich sold 3.58 crore rights entitlements in Ola Electric through October 26.
Rights Issue Details
Ola Electric seeks ₹1,000 crore through a rights issue, with SVF II holding 11.70% stake.
Why the Rally?
Improved auto-sector sentiment and Ather Energy's profitability boosted investor confidence.
Here's the gist
Ola Electric shares rose 16.3% to ₹34.80 after trading volumes spiked, despite Goldman Sachs and HSBC downgrades.
