Ola Electric Share Price: EV Maker Stock Soars 13% In One Week – Know Reason

Ola Electric Mobility Limited shares extended their upward momentum this week, rising on Tuesday after the company announced that its Gen 3 scooter portfolio has received Production Linked Incentive (PLI) certification from the Automotive Research Association of India (ARAI).

The stock climbed 4.86% to Rs 50.95 on the BSE, giving the company a market capitalisation of Rs 22,473.18 crore. It touched an intraday high of Rs 51.80 and a low of Rs 47.81. Over the past week, the counter has rallied 13.34%, reflecting renewed investor confidence in the electric vehicle (EV) maker’s long-term growth prospects.

The certification, granted under the Ministry of Heavy Industries’ PLI scheme for the automobile and auto component sector, makes Ola Electric eligible for incentives ranging from 13% to 18% of its determined sales value until 2028. With this, both the company’s Gen 2 and Gen 3 scooters now stand fully PLI-certified.