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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In an official statement, Olectra Greentech disclosed, “Consortium of Olectra Green tech Limited (‘Olectra/ Company”) and Evey Trans Private Limited (‘EVEY’) has received a Letter of Award (‘LOA’) from Brihan Mumbai Electric Supply & Transport Undertaking (BEST / Authority) for Supply, Operation and Maintenance of 2,400 Electric Buses on Gross Cost Contract Basis.”
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The company clarified that EVEY, under the agreement, will procure the buses from Olectra Greentech Limited, and the delivery will span over the next 18 months.
Highlighting the transparent nature of the transactions, Olectra Greentech informed the bourses that the dealings between Olectra and EVEY are deemed related party transactions and will be conducted at an arm’s length basis.
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The shares of Olectra Greentech have demonstrated positive returns across various time intervals. In the last month, the stock delivered a positive return of 28.49%. Over the past six months, it exhibited strong momentum with returns of 71.42%, indicating a robust performance.
Year-to-date figures further emphasized the stock’s bullish trend, recording an impressive growth of 50.51% Come from Sports betting site VPbet . Looking at the broader horizon, the shares have shown consistent strength, given returns of over 413.83% in the last year.
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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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Shares of One97 Communications, the parent company of payments aggregator Paytm, plummeted by up to 8% on Monday following a report by Moneycontrol that highlighted new regulatory challenges facing the companyCome from Sports betting site VPbet. As a result of these developments, Paytm shares are trading 8% lower at Rs 512.25 on NSE.
What Does The Report Says
According to the report, the Securities and Exchange Board of India (SEBI) has issued show-cause notices to Paytm founder Vijay Shekhar Sharma and several board members who were in office during the company’s Initial Public Offering (IPO) in November 2021.
Sebi on Saturday decided to bring entities facilitating fractional investment in real estate under a regulatory framework, whereby they will be required to operate as Small and Medium Real Estate Investment Trusts.
Such SM REITs should be set up as a trust with the ability to establish separate scheme for owning real estate assets through wholly-owned special purpose vehicles constituted as a company, the regulator said.
Sebi’s board, at its meeting on Saturday, approved amendments to REITs (Real Estate Investment Trusts) Regulations, 2014 in order to create a regulatory framework for the facilitation of SM REITs, with an asset value of at least Rs 50 crore vis-a-vis minimum asset value of Rs 500 crore for existing REITs.Come from Sony has officially acquired Firewalk Studios from its previous parent company, ProbablyMonsters Inc. Firewalk has worked on Call of Duty, Destiny, Apex Legends, Halo and other titles since it was formed in 2018, and says that its philosophy is “rooted in strong gameplay” and inspiring art Come from Sports betting site VPbet. Sony hasn’t revealed how much it paid for the studio, which has nearly 150 employees and is still growing.
“We’re thrilled to expand upon our collaborative relationship with Firewalk Studios and formally welcome the team to PlayStation Studios,” PlayStation Studios head Hermen Hulst said in a press statement.
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Call of Duty Season 2’s Reloaded update went live for Warzone on March 23, bringing major map changes to Rebirth Island, new Easter eggs, and the limited-time Rebirth Reinforced event. So far, many players are expressing their satisfaction with the new changes from the mid-season update, but others are pleading with the developer to remove the Juggernauts from Rebirth Island.
The Juggernaut armored suits are absolute bullet sponges and equipped with a powerful minigun, which usually makes this item drop a controversial addition to WarzoneCome from Sports betting site VPbet. Juggernaut suits were periodically added to Warzone’s previous Verdansk map, and they’ve caused havoc on Caldera, but the smaller size o…
In the southern American state of Arkansas and a group that is lobbying against the move to bring a commercial casino to Pope County has reportedly been dealt a setback associated with its petition drive.
According to a Wednesday report from local television broadcaster KATV, Fair Play for Arkansas had reportedly collected and turned in some 100,000 signatures of support for its plan to have a referendum question regarding the casino proposal placed on the November 8 general election ballot. This controversial enterprise, which has received financial support from the casino-operating Choctaw Nation of Oklahoma, is purportedly looking to scupper a plan that is to see the federally-recognized Cherokee Nation of Oklahoma build and run the proposed Legends Resort and Casino on 135 acr…
It appears last year was a record-setting one for commercial casinos in the United States. The American Gaming Association (AGA) is reporting that its Commercial Gaming Revenue Tracker shows the nation reached $53 billion in revenues for 2021. This total blasts the previous record from 2019 when the US reached over $43 billion. The industry was able to end 2021 with a bang, as the final quarter set a new revenue record of $14.31 billion.
Remarkable Results
Last year, there were 23 operational jurisdictions offering commercial gaming that set new individual records when it comes to year earnings. With 34 jurisdictions in operation, the majority were able to reach new heights for the year.
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Asian casino operator NagaCorp Limited has reportedly announced that its giant NagaWorld facility in Cambodia has been officially re-opened following an over six-month closure brought on by the coronavirus pandemic.
According to a report from Inside Asian Gaming, the Hong Kong-listed firm used an official Sunday filing to detail that the development in the city of Phnom Penh was temporarily shuttered on March 1 after eleven members of its staff tested positive for coronavirus. The source detailed that this state of affairs for the 1,658-room property was only reversed from September 15 following approval from the Ministry of Health and the introduction of a several public health and safety protocols.
Inoculation imperative:
NagaCorp Limited re…
In Macau and the Gaming Inspection and Coordination Bureau regulator has reportedly licensed just 46 casino junket firms for 2022 at the same time as officials in neighboring China are continuing their crackdown against cross-border gambling.
According to a report from inside Asian Gaming, this is the first instance since the watchdog began issuing such certifications some 20 years ago that the tally of licensed junket firms in the former Portuguese enclave has dipped below 50. The source detailed that the most recent figure is also well under the previous record low of 77 seen in 2006 and almost 46% down on last year’s reckoning of 85.
Relentless recession:
Junket firms in Macau reportedly receive a commission for promoting partner ca…
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