JBM Auto Share Price up by 18%, hit 52 - week high on winning orders for 5,000 electric buses
JBM Auto, a renowned manufacturer of auto systems, electric vehicles, and buses, rallied 18% to hit a new 52-week high at ₹1,548 on July 14. The impressive rally was fueled by the company's recent success in securing orders for approximately 5,000 electric buses.
The orders, received from State Transport Undertakings (STUs) in states such as Gujarat, Haryana, Delhi, Telangana, and Orissa, encompass a wide range of applications, including city buses, staff buses, and tarmac coaches. The buses are available in both 9-meter and 12-meter categories.
JBM Auto's position as a comprehensive provider of electric mobility solutions, with in-house developed vehicle technology, battery technology, and charging solutions, played a crucial role in attracting these orders. Investors responded positively to the news, driving the company's JBM Auto share price up by 18% to reach a new high.
The remarkable surge in JBM Auto's stock price reflects the market's confidence in the company's growth prospects and its strong foothold in the electric mobility sector. Over the past year, the company's shares have surged by an impressive 256%, highlighting the increasing demand for electric vehicles and JBM Auto's ability to capitalize on this trend.
The substantial number of electric bus orders further strengthens JBM Auto's market position and sets the stage for future growth. With a solid order book, the company is well-positioned to seize emerging opportunities in the electric mobility sector, expand its market share, and establish itself as a key player in the industry.
To meet the growing demand, JBM Auto has plans to significantly increase its bus manufacturing capacity. Currently, the company has a capacity of 3,000 buses, but it aims to raise it to 20,000 buses by the second half of the fiscal year 2023-2024 (FY24).
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