JBM Auto hits a 52-week high on Maharashtra plans for EV fleet ramp-up
Published On 10 Mar 2023 11:38 AMThe scrip settled at Rs 634 at the BSE, after nearing close to the Rs 640 mark. This came shortly after the Maharashtra government announced that the total EV fleet under the state transportation network would be increased by 5,000.
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Shares of Jay Bharat Maruti (JBM) Auto scaled a 52-week high in the final hour of the trading session on March 9 shortly after an announcement of a ramp-up in the electronic vehicle fleet in the Maharashtra Budget.
While presenting the state's fiscal roadmap for 2023-24, Maharashtra Deputy Chief Minister Devendra Fadnavis said the total EV fleet under the state transportation network would be increased by 5,000.
Subsequently, the shares of JBM Auto, which is gunning for a lion’s share of the electric transportation market in India, shot up. The price steadily soared post 3 pm and neared the Rs 640 mark.
The scrip settled at Rs 634 at the BSE, which was Rs 40.10 or 6.75 percent higher than the previous day's close. The NSE ended at Rs 625.50, marking a jump of Rs 31.65 or 5.33 percent compared to the last closing price.
JBM Auto, which is also a Tier-1 auto component supplier to leading carmakers such as Maruti Suzuki, Hyundai, and Tata Motors, diversified into bus manufacturing in 2014 by allying with a European bus maker BredaMenarinibus in a technical collaboration.