JBM Auto, Olectra Greentech shares soar up to 12% on hopes of electric bus tenders | Stock Market News
Source: Live Mint
Shares of JBM Auto and Olectra Greentech surged by 8%-12% during Wednesday’s trading session amid expectations of securing new contracts, according to CNBC-TV18.
As reported by the news agency, its sources indicated that the government plans to launch a tender for the acquisition of 10,000 electric buses. These tenders are anticipated to be issued next month as part of the PM E-drive initiative.
CESL, or Convergence Energy Services Ltd, will be responsible for releasing a tender to select the intra-city electric bus operator for nine cities, with the central government providing a subsidy of approximately ₹3,000 crore for the purchase of these buses, as stated by CNBC-TV18, citing its sources. The nine cities involved are Bengaluru, Chennai, Hyderabad, Pune, Mumbai, Surat, Ahmedabad, New Delhi, and Kolkata.
