JBM Auto, a leading manufacturer specializing in auto systems and buses, witnessed its shares surge to a new 52-week high, reaching ₹1,665 apiece on the BSE. This notable 11% increase came in response to reports indicating the company’s ambitious goal of delivering 2,000 electric buses in fiscal 2023-24.
In addition to this significant milestone, JBM Auto has outlined plans to introduce an additional 3,000 electric buses in the first half of the upcoming year, signaling a strong commitment to a cleaner and greener future for public transportation.
JBM Auto is a part of the esteemed JBM Group, with operations spanning over 25 locations across 10 countries. The company is globally recognized as a key manufacturer of auto systems, electric vehicles, and buses.
In response to the media reports, both BSE and NSE stock exchanges sought clarifications from JBM Auto regarding its ambitious plans. The exchanges requested clarification on the company’s intentions and timeline for delivering the proposed number of electric buses. As of now, JBM Auto is yet to provide a response to these queries.
Shares of JBM Auto opened at ₹1,499.50 and experienced a remarkable surge, hitting a 52-week high of ₹1,665 apiece. The stock closed 10.51% higher at ₹1,619.95 on the BSE, with heavy trading volumes reaching 1.14 lakh shares changing hands. The day’s turnover on the counter amounted to ₹17.21 crore, contributing to a market capitalization of ₹19,189.14 crore.
In the financial realm, JBM Auto reported robust performance in the July-September quarter of fiscal 2023-24, with revenue reaching ₹1,231 crore, reflecting a substantial 19.6% increase. The net profit during this period amounted to ₹44.10 crore, compared to ₹40.24 crore in the corresponding period.
Notably, the company’s original equipment manufacturer (OEM) division achieved its highest-ever sales, experiencing a remarkable 197% growth in revenue during the quarter. This positive financial performance further fueled investor confidence in JBM Auto’s growth trajectory.
