Shares of Olectra Greentech Ltd surged by 10%, hitting a fresh 52-week high of Rs 2,221.95 apiece on the NSE on Thursday. The electric bus manufacturer received a substantial order from Brihanmumbai Electricity Supply and Transport Undertaking (BEST) for the supply, operation, and maintenance of 2,400 electric buses, with a staggering order value of Rs 4,000 crore.
The order for the supply of 2,400 electric buses will be executed under a gross cost contract (GCC) and opex model for a duration of 12 years, as revealed in a regulatory filing by Olectra Greentech. The company will also be responsible for the maintenance of these buses throughout the contract period, with the deliveries scheduled over the next 18 months.
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India’s capital markets regulator, SEBI has recognized BSE as the supervisory body for research analysts and investment advisers to oversee their management and administration.
In its circular, SEBI said, “BSE has been granted recognition under regulation 14 of the RA regulations and IA Regulations for administration and supervision of Research Analysts (RAs) and Investment Advisors (IAs) respectively as (RAASB) and (IAASB) for a period of five years starting from July 25, 2024”.
As part of its new role, BSE will establish bylaws, standard operating procedures (SOPs), and frequently asked questions (FAQs) to guide and facilitate the seamless adoption of the RAASB and IAASB frameworks by RAs and IAs.
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