JBM Auto hits 52-week high on securing new contract of 5,000 electric buses

14 Jul 2023 , 01:26 PM

JBM Auto shares rose as much as 18% to hit a new 52-week high of Rs 1,548 per share on BSE in Friday’s trade after the company and its subsidiaries received orders for approximately 5,000 electric buses.

The company will supply buses to Haryana, Delhi, Gujarat, Orissa, and Telangana among others, along with various Fortune 500 companies and leading corporates of the country.

Different applications such as city bus, staff bus, tarmac coach, and so on will be delivered for these orders in both the 9 metre and 12 metre categories’, JBM Auto stated in its filing.

At around 12.54 PM, JBM Auto was trading 11.18% higher at Rs 1,462 apiece, against the previous close of Rs 1,315 on NSE.

JBM Auto aims to be strongly positioned so as to enhance its role as a comprehensive provider of electric mobility solutions with its indigenously developed battery technology, vehicle technology, and charging solutions. It also intends to capitalize on emerging market demands in the electric-mobility domain, gaining new market access, and increasing its market share.

Revenues for the quarter ended March 2023 fell 8% year-on-year to Rs 964 crore, compared to Rs 1,055 crore in Q4FY22. PAT for the same time period was Rs 26.81 crore.

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