Mumbai/IBNS, Aug. 5 -- Shares of Ola Electric Mobility Ltd. surged more than 10 percent on Wednesday after the company announced its first partnership under the newly unveiled Ola Mahashakti platform, according to media reports.

The stock climbed to an intraday high of Rs. 42.55 and was trading nearly 8 percent higher by late morning.

First MoU under Ola Mahashakti

The rally followed Ola Electric's announcement of its first Memorandum of Understanding (MoU) under the Ola Mahashakti platform, marking the company's entry into the utility-scale battery energy storage segment.

The company signed the MoU with Axis Energy for the potential deployment of up to 20 GWh of Battery Energy Storage Systems (BESS) by 2032, with annual deployments e...