JBM Auto, the Indian automobile maker, which has been one of the major beneficiaries of the recent transition of public transport system to greener, electric territories has been handed with another set of positive news.
PM-e-Sewa Approved
The Union Cabinet recently approved PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-Drive) Scheme. This is being seen as a move towards a better and more sustainable transport system.
This scheme from the central government will come with an outlay of Rs 10,900 crore for two years.
In addition, a Payment Security Mechanism (PSM) of Rs 3,435.33 crore has been established. This would be made under the PM-eBus Sewa in order to provide the required impetus for increasing electrification of vehicles in the country.
Rs 3,679 Crore Subsidy
This aforementioned PSM of Rs 3,679 crore will be funnelled into the system in the form of subsidies. These subsidies will aid in the purchasing of electric vehicles, including two-wheelers, e-three wheelers, e-ambulances, e-trucks and e-buses. |
This aforementioned PSM of Rs 3,679 crore will be funnelled into the system in the form of subsidies. These subsidies will aid in the purchasing of electric vehicles, including two-wheelers, e-three-wheelers, e-ambulances, e-trucks and e-buses.
The Gurugram-based JBM Auto in the recent past has won major contracts in providing public transport buses for local bodies and other governmental undertakings, which are the largest buyers of such vehicles.
Municipal corporations in the Mumbai Metropolitan Region (MMR) have also signed deals with the company. In fact, at the beginning of the year, in March JBM Ecolife Mobility, a subsidiary of JBM Auto, managed to secure a significant order worth Rs 7,500 crore for 1,390 electric buses.
JBM Shares Cross Rs 2,000 Mark
The company shares rose by significantly at the beginning of the day, it has retained some of its momentum. At the halfway mark of the day, the company shares gained 3.98 per cent or Rs 76.65.
This pushed the value of each individual share above the coveted Rs 2,000 mark, at Rs 2,002.80 per share.
