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JBM Auto spurts on Rs 300 crore investment plan

 

A broker laughs while speaking to a colleague, as they trade on their computer terminals at a stock brokerage firm in Mumbai

A broker laughs while speaking to a colleague, as they trade on their computer terminals at a stock brokerage firm in Mumbai

 

  JBM Auto has surged 20% to Rs 158 on the BSE in intra-day trade after the company announced that JBM Solaris will invest Rs 300 crore towards engineering, design and development and manufacturing, of electric and hybrid buses in India.

Last week, JBM Auto said it has entered into a Joint Venture (JV) Agreement on July 14, 2016 with Solaris Bus & Coach S.A., Poland for the purpose of manufacturing of electric and hybrid buses.

This JV will introduce globally proven European technology for electric vehicle Ecolife, which is sustainable and affordable, first time in India, the company said in a BSE filing.

"The key focus will be towards locally developing indigenous sources for all key aggregates, systems and components catering to domestic and global requirement," it added. Production of Ecolife will start by the fourth quarter of FY 2016-17 at Kosi, Uttar Pradesh.

At 02:31 PM, the stock was up 17% at Rs 154 on the BSE. The trading volumes on the counter jump multiple folds with a combined 1.03 million shares changed hands against an average sub 100,000 shares that were traded daily in past two weeks on the BSE and NSE.