JBM Auto rises 18% to hit new 52-wk high as company bags a big order for 5,000 buses

Shares of JBM Auto surged as much as 18 per cent during the early trading session on Friday, hitting its new 52-week highs after the company announced to win an order for 5,000 electric buses from various state transport undertakings (STUs) of multiple state governments.

JMB Auto and its subsidiaries have won orders for about 5,000 electric buses for supplying to various STUs in the states of Gujarat, Haryana, Delhi, Telangana, Orissa among others and multiple Fortune 500 companies coupled with leading corporates of the country, the company said in the exchange filing on Thursday.

"With a healthy order book in place, the company is well poised to further consolidate its position as an end-to-end electric mobility solution provider with indigenously developed vehicle technology, battery technology and charging solutions," the filing added further.

Share of JBM Auto surged almost 18 per cent to Rs 1,548.35, its new 52-week high, before giving up its partial gains following the announcement. The company was commanding a total market capitalization close to Rs 18,000 crore. The scrip had settled at Rs 1,315 on Thursday.

JMB Auto has been a multibagger stock at Dalal Street. The stock has zoomed about 330 per cent from its 52-week low at Rs 361.70 on September 29, 2022. The scrip had gained about 200 per cent in the year 2023 so far. The stock is up 65 per cent in the last one month.

JBM Group is a global conglomerate with operations in more than 25 locations across 10 countries throughout the world for nearly four decades. It is amongst the world’s leading manufacturers of key auto systems, electric vehicles and buses.

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