JBM Auto shares gain 10% on Rs 7,500-crore order win; check details

Shares of JBM Auto Ltd rose nearly 10% today after the firm said its arm JBM Ecolife Mobility Private Limited has been 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.

The value of the order is Rs 7,500 crore. It has to be completed in 12 to 18 months. JBM Auto shares zoomed 9.88% to Rs 2,060.60 against the previous close of Rs 1875.20 on BSE.

Market cap of JBM Auto rose to Rs 23,525 crore on BSE. Total 0.20 lakh shares changed hands amounting to a turnover of Rs 4.05 crore on BSE.

In terms of technicals, the relative strength index (RSI) of the stock stands at 43.4, signaling it's trading neither in the overbought zone nor in the oversold zone. JBM Auto stock has a one-year beta of 0.6, indicating very low volatility during the period. JBM Auto shares are trading lower than the 20 day, 30 day , 50 day but higher than the 5 day, 10 day, 100 day and 200 day moving averages.

“We hereby inform that 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 [One Thousand Three Hundred Ninety] Electric Buses [approx. 65%] and development of allied electric and civil Infrastructure on Gross Cost Contracting [GCC] under the PM-eBus Sewa Scheme. The company has on 19th March, 2024 acknowledged the Letter of Confirmation of Quantities eligible for award as issued by Convergence Energy Services Limited [CESL],” said JBM Auto in a communication to bourses.

JBM Auto Limited is a manufacturer of auto systems with a presence in the e-mobility space. The company manufactures and sells sheet metal components, tools, dies and moulds and buses, including sale of spare parts, accessories and maintenance contracts of buses.