Ola Electric Share Price Jumps Over 8% As Sentiment Turns Positive On New Launches

Ola Electric Mobility Ltd.'s share price advanced over 8% in Tuesday's session. The gains in the stock price come after the company announced the launch of S1 Pro Sport at Rs 1.50 lakh introductory price.

The sentiment turned positive after Ola Electric Mobility unveiled its latest solution to the rare-earth magnet supply chain shocks in the international markets. It has developed Ferrite Motor which is free of rare earth magnets, a milestone for the company to overcome the supply-chain shocks, the company said in a press release on Saturday.

The company is set to release its Roadster X+ 9.1 kWh and S1 Pro+ with indigenously developed 4680 Bharat Cell, the release said.

Ola Electric Mobility is also developing MoveOS 6 with new features like traffic sign recognition, voice assistant with support in 11 Indian languages. The new variant will also have smart charging, collision avoidance system among others.

Ola Electric Mobility share price jumped 8.58% to Rs 44.78 apiece, the highest level since July 24. It was trading 7.25% higher at Rs 44.16 apiece as of 11:02 a.m., which implied 0.21% advance in the NSE Nifty 50 index.

The stock has continued its gaining streak after reversing losses from the previous session.

The stock declined 69.83% in 12 months, and 48.48% on year-to-date basis. Total traded volume so far in the day stood at 6.9 times its 30-day average. The relative strength index was at 62.83.

Out of eight analysts tracking the company, three maintain a 'buy' rating, two recommend a 'hold' and three suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 5.4%.