JBM Auto shares zoom 14% to hit one-year high; exchanges seek clarification on e-bus delivery report

Shares of JBM Auto Ltd rose sharply in Monday's trade to scale their fresh one-year high level. The stock jumped 13.58 per cent to hit a day high of Rs 1,665 over its issue price of Rs 1,465.90. As the session progressed, exchanges BSE and NSE have sought clarification from the company with reference to a report titled "JBM Auto aims to deliver 2,000 e-buses in FY24." The auto systems' manufacturer is yet to issue its response.

Bourses have put the securities of JBM Auto under the long-term ASM (Additional Surveillance Measure) framework. Exchanges put stocks in short-term or long-term ASM frameworks to caution investors about high volatility in share prices.

On technical setup, the counter was trading higher than the 5-day, 10-, 20-, 30-, 50-, 100-, 150- and 200-day simple moving averages (SMAs). The counter's 14-day relative strength index (RSI) came at 80.01. A level below 30 is defined as oversold while a value above 70 is considered overbought.

The company's stock has a price-to-equity (P/E) ratio of 200.93 against a price-to-book (P/B) value of 17.08.

The scrip saw heavy trading volumes today as 1.07 lakh shares were seen changing hands on BSE. The figure was way more than the two-week average volume of 17,000 shares. Turnover on the counter came at Rs 17.21 crore, commanding a market capitalisation (m-cap) of Rs 19,189.14 crore. There were 15,943 sell orders against buy orders of 5,021 shares.

As of September 2023, promoters held 67.53 per cent stake in the company.

JBM Auto is a part of JBM Group. The group has operations in more than 25 locations across 10 countries. It is amongst the world's leading manufacturers of key auto systems, electric vehicles and buses.

(Disclaimer: Business Today provides stock market news for informational purposes only and that should not be construed as investment advice. Readers are encouraged to consult a qualified financial advisor before making any investment decisions.)

Also read: 4,500% return in 75 months! ProfitMart sees more upside in this multibagger stock

Also read: Stock recommendations by market analyst for January 1, 2024: Dabur India, Suven Pharmaceuticals and Samvardhana Motherson