India's JBM Auto, Olectra gain on Delhi EV replacement plan
BUZZ-India's JBM Auto, Olectra gain on Delhi EV replacement plan ** Shares of India's JBM Auto JBMA.NS rise 5.65% to 706.40 rupees, Olectra Greentech OLEC.NS gains 3.38% to 1,371.20 rupees
** India approved 95.85 billion rupee ($1 billion) scheme to replace old trucks and buses in Delhi-NCR with cleaner electric vehicles
** ICICI Direct says electric bus makers like JBMA, OLEC could benefit from potential fleet upgrades by state transport undertakings; adds scheme is among India's largest vehicle replacement programmes
** JBMA also recorded 157 electric bus registrations in May, the highest in the industry, with market share rising to 49% from 33% in April
** YTD, JBMA up 13.56% and OLEC up 16.03%
($1 = 95.7200 Indian rupees)
(Reporting by Surbhi Misra in Bengaluru)
((Surbhi.Misra@thomsonreuters.com | X: https://twitter.com/SurbhiMisra_ |;))
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