JBM Auto shares today jumped over 19 per cent after the company announced Rs 300-crore investment for developing and manufacturing electric as well as hybrid buses in India through its joint venture with Poland's Solaris Bus & Coach.
The scrip zoomed 19.19 per cent to settle at Rs 156.55 on BSE. Intra-day, it soared 19.98 per cent to Rs 157.60. At NSE, shares of the company advanced by 19.11 per cent to end at Rs 156.40.
In terms of volume, 3.59 lakh shares of the company were traded on BSE and over 9 lakh shares changed hands at NSE during the day.
JBM Auto yesterday said that it has partnered with European bus manufacturer Solaris Bus & Coach to produce 100 per cent electric buses 'Ecolife' in the country, and plans to invest Rs 300 crore for the same.
The JV will invest Rs 300 crore towards engineering, design and development, manufacturing, supply chain development among other focus areas in this electric mobility project completely made in India, it said.
The JV will introduce globally proven European technology for electric vehicle, which is sustainable and affordable, first time in India, the company said.
"The key focus will be towards locally developing indigenous sources for all key aggregates, systems and components catering to domestic and global requirement."
Production of Ecolife will start by the fourth quarter of FY 2016-17 at Kosi, Uttar Pradesh.
JBM Auto had entered into JV agreement with Solaris on July 14.
