JBM Auto Ltd. witnessed a 10% surge in shares following its subsidiary, JBM Ecolife Mobility Pvt. Ltd., being declared the Lowest Bidder for a significant electric bus order.
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The subsidiary secured a ₹7,500 crore order for 1,390 electric buses under the PM-eBus Sewa Scheme.
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JBM Ecolife Mobility will handle procurement, operation, maintenance, and infrastructure development for the buses.
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The stock jumped nearly 10% to ₹2060.60 on Tuesday but is still 15% away from its record high.
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It has delivered multibagger returns, rising 199% in the last year and over 40% year-to-date.
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March saw a 12% decline after four months of consecutive gains since November 2023.
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JBM Auto's stock rallied 12.7% in February and 30.7% in January 2024.
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Despite March's decline, it remains significantly higher than its 52-week low of ₹604.00 in March 2023.
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JBM Auto reported robust performance in the December quarter with a 41% YoY revenue growth to ₹1,346 crore.
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Net profit surged by 46% YoY to ₹48.63 crore, with the OEM division achieving its highest turnover of ₹545 crore.