Following a big announcement on March 19, JBM Auto Limited’s shares increased by around 10 percent.
The company told the exchanges that its subsidiary – JBM Ecolife Mobility Private Limited, had been declared the L1 (Lowest Bidder) and had won the tender for an electric bus order, as reported by The Economic Times.
This development highlights the subsidiary’s success in obtaining a prominent role in the electric mobility industry, which strengthens JBM Auto Limited’s market position.
JBM Ecolife Mobility, a JBM Auto Limited subsidiary, has received a substantial order for Rs 7,500 crore for 1,390 electric buses. Meanwhile, Convergence Energy Services Limited (CESL) awarded this large tender as part of the PM-eBus Sewa Scheme. The order, issued by CESL, represents an important step towards sustainable mobility in India.
Under this project, JBM Ecolife Mobility will be in charge of the procurement, supply, operation, and maintenance of the buses, as well as the development of accompanying electric and civil infrastructure on a gross cost contracting (GCC) basis. The company is responsible for carrying out the request within the next 12 to 18 months.
JBM Auto’s stock increased 9.8 percent during intraday trading on March 19 to reach a high of Rs 2060.60 after this announcement. In the past year, the company has already shown multibagger returns, rising 199 per cent, and in 2024 Year to Date (YTD), it has increased by more than 40 per cent.
As per reports, it has lost around 12 per cent of its value in March, this year, interrupting a four-month winning streak that began in November 2023. Meanwhile, it increased by 12.7 per cent in February and 30.7 per cent in January 2024.
Despite the March 19 rise, the stock is still almost 15 per cent behind its record high of Rs 2,417.30 set on February 19, 2024. Meanwhile, it has risen more than 241 per cent from its 52-week low of Rs 604.00 on March 20, 2023.
JBM Auto Limited is an auto system manufacturer that also operates in the e-mobility industry. The company makes and sells sheet metal components, tools, dies, and moulds, as well as buses, including spare parts, accessories, and bus maintenance contracts.
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