JBM Auto share price gains over 11%, hits 52-week high mark; what's behind the rally?
₹1,665 apiece on the BSE after media reports said that the company aims to deliver 2,000 electric buses in fiscal 2023-24. The leading manufacturer specialising in auto systems and buses has also outlined plans to introduce an additional 3,000 electric buses by the first half of the upcoming year, demonstrating a determined push towards a cleaner and greener future for public transportation, according to a report by CNBC-TV18. Also Read: Bajaj Auto December sales grow 16% YoY to 3.26 lakh units; two-wheeler sales up 15% Stock exchanges BSE and NSE have asked for clarifications regarding these plans from JBM Auto.
‘’The Exchange has sought clarification from JBM Auto Ltd on January 1, 2024, with reference to news appeared in CNBC-TV18 dated January 1, 2024 quoting “JBM Auto aims to deliver 2,000 e-buses in FY24". The reply is awaited,'' said BSE in an update on Monday. JBM Auto is a part of JBM Group.
The group has operations in more than 25 locations across 10 countries. It is amongst the world's leading manufacturers of key auto systems, electric vehicles and buses. Shares of JBM Auto opened at ₹1,499.50 and surged 11.03 percent to hit its new 52-week high mark of ₹ ₹1,665 apiece, against the previous close of ₹1,465.90 on the BSE.
Shares settled 10.51 percent higher at ₹1,619.95 apiece on the BSE. The stock witnessed heavy trading volumes today as 1.14 lakh shares were seen changing hands on the BSE. The turnover on the counter came at ₹17.21 crore, commanding a market capitalisation of ₹19,189.14 crore.
The company reported revenue of ₹1,231 crore, up 19.6 percent, in the July-September quarter of fiscal 2023-24, and a net profit of ₹44.10 crore, compared to Rs. 40.24 crore. During the quarter, the company's original
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