JBM Auto bags order worth ₹7,500 cr for 1,390 e-buses; stock up 10%

/ 2 min read

The tender has been awarded by Convergence Energy Services Limited (CESL) under the PM E-bus Sewa Scheme.

JBM Auto aims to execute the order in the next 12-18 months.
JBM Auto aims to execute the order in the next 12-18 months. | Credits: Getty Images

Shares of JBM Auto surged 9.8% to hit an intraday high of ₹2,060.60 apiece on the BSE on Tuesday, after its subsidiary, JBM Ecolife Mobility, bagged an order worth ₹7,500 crore for the supply of 1,390 electric buses. The tender has been awarded by Convergence Energy Services Limited (CESL) under the PM E-bus Sewa Scheme, JBM Auto says in a regulatory filing.

ADVERTISEMENT

"JBM Ecolife Mobility Private Limited, a subsidiary of JBM Auto Limited, has been declared as L1 and awarded the Tender as a bus operator for procurement, supply, operation and maintenance of 1,390 electric buses [approx. 65%] and development of allied electric and civil Infrastructure on gross cost contracting [GCC] under the PM-eBus Sewa Scheme," says the company. The company aims to execute the order in the next 12-18 months.

At 1:05 pm, the share price of the auto component manufacturer was trading 5.91% higher at ₹1,985.15. In contrast to this, the broader BSE Sensex was trading 653.42 points lower at 72,095.

JBM Auto's market capitalisation stood at ₹23,516.99 crore with 18,290 shares exchanging hands on the BSE, as against the two-week average of 0.26 lakh shares. JBM Auto shares hit a 52-week high of ₹2,417.30 on February 19 this year and a 52-week low of ₹604 on March 20 last year. In the year-to-date period, the share price of JBM Auto has risen 22.53%.

In the October to December quarter, the company's net profit grew by 46% to ₹48.63 crore, as against ₹33.17 crore in the same period last year. The company's revenue from operations stood at ₹1,346 crore. The company is reportedly looking to cross ₹5,000 crore in revenue for the current fiscal year. Of this, the company is aiming for a revenue target of ₹900 crore for its bus business for the current fiscal year.

Recommended Stories

Notably, the government in August last year introduced the PM e-Bus Sewa Scheme at an outlay of ₹57,613 crore. Of this, the central government will provide ₹20,000 crore, while the states are expected to shell out the rest. Under the scheme, 10,000 new e-buses will be deployed in 100 cities to promote green mobility.

The procurement, maintenance and operations of EV buses will be through public-private partnership mode. Central assistance will be provided to run these buses on a per-kilometre basis for the next 10 years. The scheme will be applicable until 2027. The scheme is expected to generate 45,000-55,000 direct jobs.

ADVERTISEMENT

Fortune India is now on WhatsApp! Get the latest updates from the world of business and economy delivered straight to your phone. Subscribe now.

Most Powerful Women In Business 2025
View Full List >