The Ola Electric Mobility Ltd rose by nearly 16 percent in the morning trade on Friday after the Ola group announced its entry into electric motorcycles. The Ola Group introduced three different motorcycle models, with two more models being under development.
The company has posted a massive jump in operational revenue for the April-June quarter of 2024-25.
The stock zoomed 15.77 percent to Rs 128.09 on the BSE, while on the NSE, it rose 15.59 percent to Rs 128.20.
Ola Electric Mobility had informed on Wednesday that its revenue from operations rose to Rs 1,644 crore in the April-June quarter of FY25 from Rs 1,243 crore in the year-ago period.
Chairman and CEO Bhavish Aggarwal called the June quarter a "good quarter" for growth and profitability in a post-earnings call.
In addition, the group has rechristened its ride-hailing service as Ola Consumer, while also partnering with Open Network of Digital Commerce and launching automated warehousing solutions for quick commerce requirements.
Ola further announced that as part of its Krutrim venture, by 2026 it would indigenously design and develop families of chips in AI, general computing, and Edge.
According to Ola's chief, Bhavish Aggarwal, during Sankalp 2024, its annual launch event, two-thirds of India's two-wheeler market comprises motorcycles; therefore, it is paramount for the company to enter that market.
"We have already been successful in accelerating the EV adoption in the scooter segment, and with our futuristic portfolio of products, we are now focused on supercharging the EV penetration through our motorcycles," he said.
Aggarwal further said Ola's indigenously developed 'Bharat 4680' cell and battery pack would get integrated into its vehicles from Q1, FY26. The company also unveiled its new Gen-3 platform for two-wheelers.
"Coupled with the integration of our cells in our vehicles starting early next year, we are determined to chart a new course for mass EV adoption across India," Aggarwal added.
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