Tue Dec 03 12:57:19 UTC 2024: ## Ola Electric Stock Soars on Expansion Plans and Positive Brokerage Ratings

**MUMBAI, INDIA –** Shares of Ola Electric Mobility surged nearly 7% in intraday trading on Tuesday, reaching a high of Rs 101.42 on the Bombay Stock Exchange (BSE). The stock’s impressive performance continues a five-day winning streak, accumulating a nearly 28% gain and recovering sharply from its 52-week low of Rs 66.60.

The rally is fueled by a combination of ambitious company announcements and positive assessments from leading brokerages. Ola Electric CEO Bhavish Aggarwal recently unveiled plans to quadruple the company’s owned retail network to 4,000 outlets by December 2024, aiming for nationwide coverage and integrated service centers. This expansion, coupled with the recent launch of the affordable Gig and S1 Z electric scooters (starting at Rs 39,999 ex-showroom), is expected to significantly boost market share in the burgeoning two-wheeler EV sector.

Analysts are largely bullish on Ola Electric’s prospects. Citi, for example, cites Ola’s 38% market share in the two-wheeler EV segment as a strong indicator of sustained growth, assigning a “Buy” rating with a target price of Rs 90. While acknowledging service quality challenges, Citi anticipates improvements through supply chain enhancements. Other brokerages share this optimism, with Goldman Sachs setting a target price of Rs 137, HSBC at Rs 110, and Bank of America at Rs 120, all reflecting confidence in Ola Electric’s growth trajectory and efforts to address operational gaps.

The company’s planned expansion into motorcycles and electric three-wheelers further contributes to the positive outlook. However, investors are advised to consult with financial professionals before making any investment decisions.

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