JBM Auto unit wins ₹7,500 crore order for 1,390 electric buses, shares jump

Shares of JBM Auto surged as much as 9.8% on Tuesday after its subsidiary, JBM Ecolife Mobility Private Limited, bagged an order worth ₹7,500 crore for 1,390 electric buses and development of allied electric and civil infrastructure on gross cost contracting (GCC) model.

The GCC model requires the operator to procure the e-buses and implement the charging infrastructure. The tender was awarded by Convergence Energy Services Limited (CESL) under the PM-eBus Sewa Scheme, the company said in an exchange filing.

The order has to be executed within 12 to 18 months.

"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," the company said.

Last year, JBM Auto and its subsidiaries had won orders for nearly 5,000 electric buses to be supplied to various states, including Gujarat, Haryana, Delhi, Telangana, and Orissa.

JBM Auto shares gain

JBM Auto is trading at ₹1,978.55, up 5.48%, on the NSE. The stock opened at ₹1,880 to record an intraday high of ₹2,065.45 (9.8%).

On the BSE, the stock opened at ₹1876.95 and recorded an intraday high of ₹2060.50 (9.7%).

In 12 months, the stock has zoomed over 220%.