JBM Auto rallies 4% on inking pact with MUON India for 2,000 electric buses

JBM Auto share rises: Shares of electric bus maker JBM Auto soared as much as 3.58 per cent to hit an intraday high of Rs 2,119.95 per share on Tuesday. 

The rise in the stock price came after JBM Auto announced that its unit, JBM Electric Vehicles Private Limited, inked a pact with MUON India Private Ltd, a Macquarie Group company, to deploy over 2,000 electric buses.

In an exchange filing, JBM Auto said, “We are pleased to inform you that JBM Electric Vehicles Private Limited, a subsidiary of JBM Auto Limited (“JBM”) has signed an agreement with MUON India Private Limited, a Macquarie Group company.”

Macquarie Group has rolled out 'Vertelo,' an EV financing platform in India, offering financing, fleet management, and charging infrastructure solutions.

That said, the agreement entails JBM's commitment to deploy over 2,000 electric buses, including 9 metre, 12 metre, and other variants, over the next few years.

“Based on the agreement, JBM had received an initial order for 43 buses in April, 2024 and started to deliver the buses within just 1 month from the date of the order. Moreover, the company has successfully been able to complete the delivery by June 10, 2024,” JBM Auto highlighted.

“This has been a remarkable feat for JBM having executed one of the fastest ever order turnaround times in the industry, showcasing the company's expertise, agility and capability in the electric bus & EV ecosystem domain. Owing to our highest levels of automation, frugal engineering systems, digitised processes with Industry 4.0, MES and virtual manufacturing, JBM has achieved this productivity pace and fastest time to market,” JBM Auto said in a statement.

JBM Group is a Gurugram-based electric bus manufacturer. With a diverse portfolio spanning automotive, engineering & design services, renewable energy, railways, and original equipment manufacturer (OEM) sectors, the Group operates across 40 manufacturing plants and 4 engineering & design centres situated in 18 locations globally. 

The Group's auto component division serves notable clients such as Ashok Leyland, Bajaj Auto Ltd, Fiat, Ford, General Motors Corporation, Honda, Hero, JCB, Mahindra, Maruti Suzuki, Renault, Nissan, TATA, Toyota, TVS, Volvo-Eicher, Volkswagen, and many others.

The market capitalisation of JBM Auto is Rs 24,381.38 crore, according to Bombay Stock Exchange (BSE).

At 10:02 AM, shares of JBM Auto were trading 0.75 per cent higher at Rs 2061.95 per share. In comparison, BSE Sensex was trading 0.04 per cent higher at 76,520.67 levels.