India's JBM Auto, Olectra gain on Delhi EV replacement plan

Jbm Auto

04/06/2026 05:27

** 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_  |;))