 "JBM Auto rallies 23% in 3 days on plan to deliver 2,000 e-buses in FY24")
The stock of the automobiles firm was trading higher for the third straight day, surging 23 per cent during this time after the company’s management said it aims to deliver 2000 e-buses in the financial year 2023-24 (FY24).
BSE has sought clarification from JBM Auto with reference to this development that appeared in CNBC-TV18. The reply is awaited.
At 10:44 AM; the stock was trading 3 per cent higher at Rs 1,670 on the BSE. In comparison, the S&P BSE Sensex was down 0.67 per cent at 71,787.
JBM Auto is engaged in the automotive business that manufactures and sells sheet metal components, tools, dies & moulds and buses including sale of spare parts, accessories & maintenance contract of Buses.
The company is also an Original Equipment Manufacturer (OEM) as it is engaged in the production of Passenger Buses.
India’s electric bus market has experienced rapid growth in the past two years, driven by demand aggregation, standardization efforts, product advancements, and improved charging infrastructure.
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The government’s push to electrify fleets and the efforts of leading OEM players like JBM Group to develop integrated electric vehicle (EV) ecosystems have been major drivers of this growth.
To meet the surging domestic demand for electric buses, local businesses are collaborating with established overseas players.
Cities are adopting various models to reduce electrification costs, including offering upfront subsidies to lower bus expenses.
As demand aggregation brings economies of scale, the electric bus market is expected to witness high levels of penetration in the next 5-7 years, JBM Auto said in its FY23 annual report.
The National e-Bus Programme (NEBP) that aims to deploy 50,000 electric buses pan India and the FAME-III policy framework expected in FY24, will propel green public transportation and will aid the development and expansion of an EV ecosystem across the country, the company said.
JBM Auto and its subsidiaries have won orders for nearly 5000 electric buses to supply to various state transport undertakings (STUs) in the states of Gujarat, Haryana, Delhi, Telangana, Orissa among others, and multiple Fortune 500 companies coupled with leading corporates of the country.
Different applications such as city bus, staff bus, tarmac coach, etc in both 9 meters and 12 meters categories will be delivered for these orders, the company said.