Shares of Ola Electric Mobility surged by 22.63% this week, closing at ₹87.41 on November 29, 2024. The stock saw a strong rally midweek, with a 19.99% jump on November 27, closing at ₹88.10, before slight corrections toward the week’s end.
The surge came as global brokerage firm Citi initiated coverage on Ola Electric Mobility with a ‘buy’ rating and a target price of ₹90. Citi highlighted four reasons for its positive outlook: Ola’s wide product portfolio, strong research and development focus, significant vertical integration (including lithium-ion cell manufacturing), and the potential for volume boosts from upcoming motorcycles and electric three-wheelers (E3Ws).
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