Shares of electric vehicle makers JBM Auto and Ola Electric Mobility surged up to 13% on the National Stock Exchange (NSE) on Wednesday, April 16. This comes after reports that the government is issuing tenders to procure electric buses.
People with knowledge of the matter said the government will issue tenders to procure 10,000 electric buses under the PM e-Drive scheme, with the Ministry of Heavy Industries providing a subsidy amount of around ₹3,000 crore for the purchase, reports CNBC-TV18.
Convergence Energy Services Limited (CESL) will issue tenders to select intra-city e-bus operators for nine cities, including Bengaluru, Chennai, Hyderabad, Pune, Mumbai, Surat, Ahmedabad, New Delhi and Kolkata.
The report further states that the Ministry of Heavy Industries has fixed the maximum subsidy amount per electric bus at Rs 35 lakh.
It also states that most states have sought 12-metre long buses for intra-city use.
JBM Auto Share Performance
Shares of JBM Auto rose 12.73% to hit an all-time high of Rs 704.60 per share on the NSE on Tuesday.
The stock was trading at Rs 686.45 per share, up 9.82% at 12:40 pm.
JBM Auto shares gained 1.90% last week and 17.23% month-to-date. The stock has declined 9.18% since the beginning of the year.
It hit its 52-week low of ₹489.80 on March 17, 2025 and its highest level of ₹1,169.38 on July 9, 2024.
The total market capitalization of JBM Auto on NSE as on April 16, 2025 is ₹16,403.24 crore.
Ola Electric Mobility Share Performance
Ola Electric Mobility shares rose 4.99% to hit an intra-day high of ₹52.78 on NSE on April 16.
The stock was trading at ₹50.63 per share, up 0.72% at 12:40 pm.
Ola Electric Mobility stock gained 4.34% last week but has declined 4.62% since the beginning of April. The stock declined 40.94% year-to-date.
The stock hit a one-year low of ₹45.35 on April 7, 2025 and a high of ₹157.40 on August 20, 2024.
The total market capitalization of Ola Electric Mobility as on April 16, 2025 on NSE is ₹22,301.16 crore.
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