News

Ola Electric Mobility share price rallied as much as 7. 33 per cent to ₹58.01 apiece in Monday's trading session. The EV maker stock has surged nearly 20 per cent in past five trading sessions.

The stock has been trading in green after the company announced receiving Production Linked Incentive (PLI) certification for its Gen 3 scooter lineup. According to the company, this move is expected to boost margins and profitability starting this quarter.

Last week, Ola Electric announced that it has received certification confirming compliance with the eligibility assessment criteria under the PLI Scheme for the automobile and auto components sector. 

The certification applies to all seven models in its Gen 3 S1 scooter range, which contributes to over half of its sales. With this approval, both its Gen 2 and Gen 3 lineups are now PLI-certified.

The certification qualifies the company for incentives ranging between 13% and 18% of the determined sales value (DSV) until 2028. Ola stated that this benefit will directly enhance its cost structure, improve margins, and move it closer to achieving EBITDA positivity.

(This is a developing story)

Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.

Catch all the Business News , Market News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.

Download the Mint app and read premium stories

Log in to our website to save your bookmarks. It'll just take a moment.