JBM Auto hits 52-week high on bagging huge order to supply electric buses

JBM Auto and its subsidiaries have won orders for approximately 5,000 electric buses for supplying to various STUs in the states of Gujarat, Haryana, Delhi, Telangana, Orissa among others and multiple Fortune 500 companies coupled with leading corporates of the country.

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Shares of JBM Auto soared 18 percent on July 14, hitting a 52-week high at Rs 1,548.35, after the company and its subsidiaries won orders for approximately 5,000 electric buses to supply to various STUs in the states of Gujarat, Haryana, Delhi, Telangana, Orissa among others and multiple Fortune 500 companies coupled with leading corporates of the country, the company said in an exchange filing.

At 9:21 am, shares of the company were trading 14.1 percent higher at Rs 1,500 on the BSE.

“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,” JBM Auto added in the filing.

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The company claims to be well-placed poised to further consolidate its position as an end to end electric-mobility solution provider with indigenously developed vehicle technology, battery technology and charging solutions. It also plans on capitalising on the emerging market requirements in the electric-mobility domain, and garner new market access and expand its market share.

Analysts predict that JBM Auto will greatly benefit from the state governments’ transition to e-buses. Nevertheless, the growing level of competition is expected to limit the potential for price increases and margin expansion in the medium term, according to analysts.

The company has current bus manufacturing capacity of 3,000 buses which is expected to increase to 20,000 by the second half of FY24, some analysts pointed out.

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