Ola Electric shares rise over 4% after PLI approval for two more vehicle models
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Ola Electric Mobility shares rose 4.4% to Rs 143.8 in Wednesday's trade on BSE after the electric two-wheeler maker received certification for production-linked incentive (PLI) benefits for two more of its vehicles. The 3 kWh (kilowatt hour) and 4 kWh versions of Ola S1X have received the certification for compliance with the eligibility requirement for the PLI scheme after having “successfully met the stringent minimum localisation criteria of 50% as mandated by the Ministry of Heavy Industries,” the firm said in a statement. “These two products make almost 50% of our orders. More wind in our sails as we build India’s EV future!” Ola Electric founder Bhavish Aggarwal said in a post on microblogging platform X. Earlier this year, the company had received the PLI certification for the Ola S1 Air and the Ola S1 Pro. The incentive to Ola Electric will range between 13% and 18% of the determined sales value (DSV) of the scooters. The firm...