Why Are Olectra Greentech, M&M, JBM Auto & Other EV Stocks Rising?

JBM Auto, Olectra Greentech, and other EV stocks are rising as the Centre approves the ₹10,900 crore PM E-Drive Scheme. The Union Cabinet, in a meeting chaired by Prime Minister Narendra Modi on September 11, approved the implementation of a scheme titled the ‘PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) Scheme’ with an outlay of ₹10,900 crore over two years. The scheme provides subsidies or demand incentives worth ₹3,679 crore to encourage the use of electric two-wheelers, three-wheelers, ambulances, trucks, and other emerging EVs. It also allocates ₹4,391 crore for the procurement of 14,028 e-buses by state transport undertakings or public transport agencies. Catch Sakshi Batra in conversation with Sneha Poddar, Vice President, Research Analyst at B&D, MOFSL, and CA Rudra Murthy, Research Head at Vachana Investments, as they suggest top EV stocks to bet on that can yield bullish returns.