Shares of JBM Auto surged 14 per cent to Rs 215 on the BSE on Wednesday, extending its 11 per cent rally on Tuesday, after the company announced receipt of multiple orders for supply of 300 buses from Delhi Integrated Multi-Modal Transit System Limited (DIMTS), Navi Mumbai Municipal Transport Corporation (NMMTC) and airlines companies.
The company, in a BSE filing, informed the exchanges that it has received orders for supply of compressed natural gas (CNG)-run buses to DIMTS, and to Spicejet and InterGIobe Aviation (Indigo Airlines) for Airport tarmac applications.
"The company has received electric buses orders (through its subsidiary company JBM Solaris Electric Vehicles Private Limited) from Navi Mumbai Municipal Transport Corporation (NMMTC)," it added.
The order will be fully executed before the end of current financial year ending March 31, 2020.
JBM Auto, the flagship company of JBM Group, is one of the leading manufacturers of auto components, tooling and buses in the country. It entered into a joint venture with Solaris Bus and Coach from Europe to manufacture 100 per cent electric buses ( called ECO-LIFE) under the Centre's flagship programme of ‘Made in India’
With today's gains, the stock has jumped 59 per cent from its 52-week low of Rs 135, touched on August 22, 2019. In comparison, the benchmark S&P BSE Sensex has added only 3 per cent during the same period.