JBM Auto's share price was in demand on Thursday, February 20, 2025, as it rallied as much as 4.45% to an intraday high of Rs 675 per share.
The increase in share price occurred after the company announced that JBM Ecolife Mobility Private Limited, a subsidiary of JBM Auto Limited, had been awarded the Tender for the end-to-end execution of 1,021 electric buses and the development of allied electric and civil infrastructure on Gross Cost Contracting [GCC] under the PM-eBus Sewa Scheme (Tender II).
In an exchange filing, JBM Auto stated, "We hereby inform that JBM Ecolife Mobility Private Limited, a subsidiary of JBM Auto Limited, has been awarded the Tender for end-to-end execution of 1,021 [one thousand twenty one] Electric Buses and development of allied electric and civil infrastructure on Gross Cost Contracting [GCC] under the PM-eBus Sewa Scheme (Tender-II). The project will be supported by a Payment Security Mechanism (PSM), which will ensure timely payments to electric bus operators and improve financial sustainability for industry stakeholders."
The order is worth around Rs 5,500 crore.
A Payment Security Mechanism (PSM) will support the project, guaranteeing electric bus operators timely payments and enhancing the financial sustainability of industry stakeholders.
There will be about 19 cities in Gujarat, Maharashtra, and Haryana where these e-buses will be used.
Additionally, over the course of their 12-year operation, these e-buses will save over 1 billion CO2 emissions and travel over 32 billion e-kilometers.
With this order, the company's order book now includes over 11,000 electric buses in various stages of completion, a significant step toward achieving the company's Net Zero 2040 goal.
