Shares of Ola Electric Mobility Limited were trading sharply higher on the NSE on Thursday, rising 15.10 per cent to ₹34.84 as of 12.01 PM, with the stock hitting an intraday high of ₹35.30. The counter was among the top 10 most traded stocks on the exchange, with over 4,913 lakh shares changing hands and a traded value of ₹1,645.98 crore.
The latest leg of the rally follows a press release filed with exchanges on April 7, in which Ola Electric announced the readiness of its indigenously developed 46100 LFP (Lithium Iron Phosphate) cell. The new format is larger than the existing 4680 NMC Bharat Cell and is intended to improve cost efficiency across both vehicle and energy storage applications. The company said the cell will begin entering its products starting next quarter, subject to regulatory approvals. The Gigafactory, currently at 2.5 GWh capacity, is being scaled to 6 GWh.
The announcement was preceded by a price cut of ₹60,000 on the Roadster X+ 9.1 kWh, bringing it to ₹1,29,999, attributed to production efficiencies from scaled-up 4680 cell output. March registrations also came in at 10,117 units, a 150 per cent year-on-year jump per VAHAN data, compared to 3,973 units in February.
Month-to-date, the stock has gained nearly 50 per cent, recovering from a 52-week low of ₹22.25 hit on March 16. Despite the rebound, the stock remains about 51 per cent below its 52-week high of ₹71.25 and significantly off its all-time high. Retail investors, who held a 49.2 per cent stake as of December, have absorbed much of the downside through the prolonged correction.
Sell-side interest remains elevated, with 54.09 per cent of current order quantity on the sell side against 45.91 per cent on the buy side.