India's Olectra Greentech and JBM Auto up on Delhi's e-bus promise

Jbm Auto

22/03/2023 08:37

** Shares of electric bus makers Olectra Greentech Ltd
 OLEC.NS  and JBM Auto Ltd  JBMA.NS  rise as much as 7.26% to
674 rupees and 5.5% to 654.20 respectively 
    ** Stocks rise after Delhi finance minister Kailash Gahlot
in the Delhi budget presentation on Wednesday said 1,600 e-buses
would be inducted by end of 2023 
    ** More than 2.5 mln shares of OLEC.NS change hands by 
13:27 p.m. IST, 1x the the 30-day avg, while JBMA sees more than
1 mln shares, 1.4x the 30-day avg changing hands by 13:29 p.m.
IST
    ** If gains hold, stocks of both co's set to rise for a
second consecutive session 
    ** Stock of both co's trading above 50-day, 100-day and
200-day simple moving averages
    ** Moving Average Convergence Divergence (MACD) is above the
signal line in both stocks, suggesting bullish momentum
    ** OLEC up ~30% this year as of last close while JBMA up
~20.2% this year as of last close


 (Reporting by Anisha Ajith in Bengaluru)
 ((anisha.ajith@thomsonreuters.com))