JBM Auto rallied 5.55% to Rs 1,979.35 after the company announced that its subsidiary, JBM Ecolife Mobility received an order worth Rs 7,500 crore for procurement, supply, operation and maintenance of 1,390 electric buses.
The auto components maker said that its subsidiary has been declared as L1 and awarded the tender as a bus operator for procurement, supply, operation and maintenance of 1,390 electric buses [approximately 65%] and the development of allied electric and civil infrastructure on gross cost contracting [GCC] under the PM-eBus Sewa Scheme.
The contract from Convergence Energy Services (CESL) under PM-eBus Sewa Scheme is valued at Rs 7,500 crore and the order has to be executed within the next 12 to 18 months.
JBM Auto is engaged in the automotive business that manufactures and sell sheet metal components, tools, dies & moulds and buses including sale of spare parts, accessories & maintenance contract of buses.
The companys consolidated net profit climbed 41.7% to Rs 48.66 crore on 41.2% jump in revenue to Rs 1,346.17 crore in Q3 FY24 over in Q3 FY23.
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