Ola Electric shares jump 7% ahead of Q2 results, extends EV-policy rally

Shares of Ola Electric Mobility jumped more than 7% on Thursday ahead of the EV scooter-maker’s Q2 earnings announcement. The stock has now rallied around 9% in just two days following the Centre’s decision to make electric vehicles the default choice for staff-car procurement by government ministries and departments.

Ola Electric shares rose to Rs 37 apiece on NSE on Thursday morning. Notably, this is only the second time in a month the stock has crossed this level. The sharp 9% surge over the two days has added more than Rs 1,400 crore to the company’s market capitalisation, pushing it above Rs 17,150 crore.

Also read | EV makers turn to family scooters to drive mass-market adoption

All about the centre’s new EV procurement policy

The Finance Ministry has made electric vehicles (EVs) the “default and preferred choice” for the procurement of government staff cars in all ministries and departments of the Centre, with immediate effect. It also doubled the net dealer price ceiling for the procurement of EVs by central government ministries and departments to Rs 20 lakh, while that for ICE vehicles, including petrol, diesel and hybrid cars, has been fixed at Rs 10 lakh.

The government also mandated preference to EVs in hiring cars for government use. The moves are aimed to promote electric mobility, reducing dependence on fossil fuels, and taking into account the prevailing market prices and lifecycle costs of vehicles.

“Going forward, Ministries and Departments shall ordinarily procure Electric Vehicles (EVs) at the time of condemnation or replacement of their existing ICE staff cars. EVs shall be the default and preferred choice for procurement,” the official order reads.

Also read | Centre’s EV push puts electric mobility stocks in the fast lane

Ola Electric share price

After a flat market debut in August 2024, Ola shares rose to a lifetime high of Rs 157.40 apiece later that year. The stock subsequently lost momentum and fell to a lifetime low of Rs 22.25 in March 2026, nearly one-seventh of its peak value.

The stock had fallen more than 62% from its 52-week high of Rs 59.20 apiece, hit in September last year, to a 52-week low of Rs 22.25 apiece in March this year. However, the stock subsequently staged a sharp recovery, doubling from that level in three months to hit a 52-week high of Rs 49.05 apiece in June this year. It has now pared some of the gains.

Ola Electric shares gained over 4% in the past week and around 3% over the past month. However, the stock remains down more than 2% so far in 2026 and 15% over the past year.

Disclaimer: This article has been written by Debaroti Adhikary, who is not a SEBI-registered Research Analyst or an Investment Adviser. Debaroti Adhikary and his/her ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here.