JBM Auto shares jumped by 12%; Cabinet agrees PM-eBus Sewa
JBM Auto shares: The bus procurement will be accomplished under the PPP way. There would be competitive bidding, and the scheme will operate till 2037.
JBM Auto shares rose over 12 per cent in Wednesday’s trade after the Cabinet agreed on PM-eBus Sewa for augmenting city bus services. As per the scheme, 10,000 e-Buses will be deployed in 169 areas.
Infrastructure will be advanced in 181 cities under Green Urban Mobility, prioritising towns without organised bus operations. Tracking the action, the stock of JBM Auto soared 12.49 per cent to hit a high of Rs 1,474.45 on BSE.
As per the plan, bus procurement will be accomplished under PPP mode. There would be competitive bidding, and the system will operate till 2037. Out of Rs 57,613 crore, the Centre is to deliver Rs 20,000 crore. The remaining is to be offered by state governments.
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JBM Auto started manufacturing EV buses in 2018 and is setting up EV charging stations nationwide.
The firm has provided over 1,000 electric buses and has installed over 110 fast chargers. It has funded Rs 800 crore in EV projects and systems to invest another Rs 600 crore over the following three years to grow its manufacturing capacity from
In a July letter, Nirmal Bang said one thousand five hundred buses to 6,500 buses annually.
