Shares of JBM Auto soared 9 per cent, hitting a fresh 52-week high of Rs 350, on the BSE in the intra-day trade in an otherwise weak market after the company bagged order for supply of 700 buses from Delhi Transport Corporation. The stock surpassed its previous high of Rs 338, touched on January 11, 2021.
JBM Auto informed the stock exchanges that the Company has received orders for supply of 700 units of JBM ‘CITYLIFE’ fully air conditioned BS-VI CNG low-floor buses from Delhi Transport Corporation vide its Letter of award dated 15-01-2021. These orders will be executed in the coming months, it said.
In the past one month, the stock has outperformed the market by surging 33 per cent, as compared to a 4 per cent rise in the S&P BSE Sensex.
On January 6, the company said it has formed a new company, JBM Ecolife Mobility Private Limited, to leverage growth opportunities in the electric vehicles segment. JBM Ecolife Mobility belongs to automotive sector and yet to commence its business operations. The incorporation of JBM Ecolife Mobility will leverage the growth opportunities in the evolving Emobility/ Electric Vehicles Segment including e-buses etc. and will help the Company in becoming more agile and customer-focused, the company had said.
At 12:25 pm, JBM Auto was trading 5 per cent higher at Rs 336 on the BSE, as compared to a 0.81 per cent decline in the S&P BSE Sensex. A combined 284,000 equity shares changed hands on the counter on the NSE and BSE till the time of writing of this report.