JBM Auto jumps 10% as subsidiary bags ₹7,500 crore order for electric buses
₹7,500 crore for 1,390 electric buses. This substantial tender has been awarded by Convergence Energy Services Limited (CESL) as part of the PM-eBus Sewa Scheme. Under this scheme, JBM Ecolife Mobility will be responsible for the procurement, supply, operation, and maintenance of the buses, along with the development of associated electric and civil infrastructure on a gross cost contracting (GCC) basis.
The company is tasked with executing the order within the next 12 to 18 months. Following this announcement, JBM Auto's stock jumped as much as 9.8 percent in intra-day deals on Tuesday to its day's high of ₹2060.60. The stock has already given multibagger returns in the last 1 year, soaring 199 percent and has advanced over 40 percent in 2024 YTD.
Read here: Hotel industry market cap tripled since 2019; Jefferies sees momentum continuing It has lost around 12 percent in March so far, snapping after 4 months of gains since November 2023. Meanwhile, it rose 12.7 percent in February and 30.7 percent in January this year. Despite today's surge, the stock is still around 15 percent away from its record high of ₹2,417.30, hit on February 19, 2024.
Meanwhile, it has rallied over 241 percent from its 52-week low of ₹604.00, hit on March 20, 2023. “We hereby inform you that JBM Ecolife Mobility Private Limited, a subsidiary of JBM Auto Limited, has been declared as L1 and awarded the tender as a bus operator for procurement, Supply, operation and maintenance of 1,390, electric buses (approx. 65 percent) and development of allied electric and civil Infrastructure on Gross Cost Contracting (GCC) under the PM-eBus Sewa Scheme.
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