JBM Auto surges 6% after arm signs deal with LeafyBus; check details

2 min read | Updated on August 28, 2024, 14:00 IST

SUMMARY

Under the terms of the agreement, JBM Electric Vehicles will deliver 200 electric intercity buses equipped with advanced technology and features designed to provide a comfortable, safe, and ecofriendly travel experience for passengers.

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JBM Auto shares have jumped around 26% in the past 12 months

Shares of JBM Auto advanced as much as 5.97% to ₹2,011.85 apiece on the BSE on Wednesday, August 28, after the company, in its exchange filing, said that its subsidiary, JBM Electric Vehicles, has signed an agreement with LeafyBus to supply 200 electric intercity luxury buses.

The filing read, "JBM Electric Vehicles (P) Ltd. today announced signing a strategic agreement with LeafyBus for supplying 200 ultra-modern electric luxury buses. This collaboration marks yet another step by the company towards fostering innovation in green public mobility and decarbonisation aligned with the company’s ESG and SDG goals."

Key Highlights

Source: Press Release

Commenting on the deal, Nishant Arya, Vice Chairman, JBM Group, said, “This association is a testament to JBM’s commitment to fostering sustainable development and zero emission technologies. Our electric buses are designed to offer not only superior performance, safety, and reliability but also a cleaner, greener alternative for intercity travel. This agreement aligns perfectly with our vision to lead the transition to electric mobility in India."

Meanwhile, LeafyBus Founder Rohan said, “Our collaboration with JBM represents a critical step toward transforming India's transportation landscape. With 200 new electric buses joining our fleet, we are confident that LeafyBus will lead the charge towards a sustainable and luxurious travel experience. We are dedicated to providing eco-conscious travellers with a premium alternative that reduces carbon emissions and embraces clean energy solutions."

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LeafyBus, as per the press release, is India’s first luxury intercity bus service focused on sustainability.

About JBM Electric Vehicles

JBM Electric Vehicles (P) Ltd., a subsidiary of JBM Auto Ltd., is one of the leading electric bus and EV ecosystem players globally.

JBM EV, as per the press release, has set up the world’s largest (outside China) dedicated integrated electric bus manufacturing facility in the Delhi-NCR region with a capacity to manufacture 20,000 buses per annum.

JBM Auto stock performance

JBM Auto shares have jumped around 26% in the past 12 months and 3,170% over the past five years.

About The Author

Upstox News Desk is a team of journalists who passionately cover stock markets, economy, commodities, latest business trends, and personal finance.

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JBM Auto surges 6% after arm signs deal with LeafyBus; check details

Key Highlights

About JBM Electric Vehicles

JBM Auto stock performance

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