India's electric bus makers up on $6.92 bln production subsidy

Jbm Auto

16/08/2023 11:15

** Shares of electric bus makers Tata Motors  TAMO.NS ,
Olectra Greentech  OLEC.NS  and JBM Auto  JBMA.NS  close between
1.9% and 10.1% higher on Wednesday
    ** India cabinet approves 576.13 billion rupees ($6.92
billion) subsidy scheme for electric bus production
    ** Of this, federal govt to provide subsidy up to 200
billion rupees
    ** Govt eyes deployment of 10,000 electric buses across 169
cities through scheme
    ** JBMA shares close up 10.1%, rival OLEC finishes 8.8%
higher, while TAMO – among top gainers on the Nifty 50 index
 .NSEI  ends up 1.9% 
    ** JBMA leads gains among e-bus makers with 180% YTD rise
compared to OLEC's 147% YTD rise and TAMO's ~60% rise



($1 = 83.2208 Indian rupees)

 (Reporting by Nandan Mandayam in Bengaluru)
 ((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))