JBM Auto Hits 52-Week Low Despite Securing Rs 5,500-Crore Order

JBM Auto’s share has surged back tremendously after hitting the 52-week lower in the past week thanks to its subsidiary JBM EcoLife Mobility, which has won an exclusive order of RS 5,500 crore. The company will work as the initiative of the PM eBusSewa Scheme after winning this tender. They will be the operator for supplying and maintaining more than 1,020 electric buses in various cities of the country.

It has offered a significant boost to their order book, resulting in JBM shares closing almost 16% high at RS 658.10. It turns out to be an excellent rebound from their recent decline. At one time, their share traded at an intraday price of RS 674 on the National Stock Exchange. According to the official statement from the company, they will executive the order in the next 18 months.

They further added that their order book now stands at more than 11,000 electric buses, which are in different stages of execution. The company looks prosperous in achievingits goal of Net Zero 2040. Under this order, the company will deploy buses in nearly 15-20 cities across Haryana, Gujarat, and Maharashtra. These buses will stay in use for 12 years and work for the development of electric infrastructure in these areas.

For those who don’t know, the PM eBusSewa Scheme was created to expand the electric business to the basic locations of the country. It works under the private-public partnership model for reducing carbon emissions in the air. This tender has helped their parent company, JBM Auto to bounce back from their 52-week low. Their market cap has also risen to more than RS 15,200 crore on the Bombay Stock Exchange. It shows this order has boosted the company’s position in the electric mobility market.