Shares of JBM Auto were locked at the 5 per cent upper circuit at Rs 1,565.20, hitting a new high on the BSE in Tuesday’s trade in an otherwise range-bound market. The stock of automotive company was trading higher for the fourth straight day, surging 27 per cent during the period.
Till 10:31 am; a combined 123,000 equity shares had changed hands and there were pending buy orders for around 16,000 shares on the NSE and BSE.
In the past two months, the market price of JBM Auto has zoomed 123 per cent, as compared to 0.87 per cent rise in the S&P BSE Sensex. In the last one year, the stock has rallied 392 per cent, as against a 23 per cent surge in the benchmark index.
On Monday, January 10, 2022, JBM Auto announced the acquisition of 51 per cent stake in JBM Green Energy Systems Private Limited and JBM EV Industries Private Limited through its subsidiary JBM Electric Vehicles Private Limited.
Post this stake acquisition, JBM Green Energy Systems Private Limited and JBM EV Industries Private Limited have become the indirect subsidiaries of JBM Auto Limited, the company said.
JBM Green Energy is engaged in manufacturing complete lithium-ion battery packs for electric vehicles, thereby working towards setting new benchmarks of localisation for manufacturing of electric vehicles as outlined in various government policy initiatives. With the same objective of enhancing indigenization, JBM EV Industries manufactures key aggregates and auto systems for electric vehicles.
JBM Auto’s 100 per cent electric buses ECOLIFE were already operating in various states such as Karnataka, Gujarat, Delhi-NCR region, Maharashtra, Andaman & Nicobar, etc. The company provides complete e-mobility ecosystem right from electric vehicles, charging infra, power infra to maintenance and support, thereby, providing optimum value to its customers.
The future of mobility in India and the world is rapidly evolving towards becoming more electrified and environment friendly, while delighting end users with superior experiences. The pace of progress is especially rapid and exciting in the EV space with special focus on public transportation contributing the highest percentage in the FAME II policy as well, the company said. The company’s management is cautiously optimistic for FY22 due to higher spend in infrastructure, PLI scheme, scrappage policy and the work done so far within the company.
Meanwhile, the company’s board on December 8, 2021, had approved a proposal for sub-division of equity shares with face value of Rs 5 into a face value of Rs 2 each as per the record date. The stock split is to facilitate more liquidity of the company’s equity shares in the stock market and to widen shareholder’s base and to make the shares affordable to small investors, JBM Auto said on rationale behind the split.