Government's EV push is electrifying some stocks

Electric vehicles (EVs)  have limited visibility on Indian roads but the government’s focus on them has led to a sharp rally in the stock prices of small-cap companies with exposure to this segment. Share prices of JBM Auto and Goldstone Infratech have more than doubled since April this year. The government in March had first mentioned its intent of making India a 100 per cent e-vehicle nation by 2030. 

Delhi-headquartered JBM Auto, a company that has been present in the automobile components space for over three decades, did not enjoy great valuations, compared to some of its peers, until recently.