India's Olectra Greentech, JBM Auto rise on EV fleet expansion plans

Jbm Auto

10/03/2023 06:13

** Shares of electric bus maker Olectra Greentech Ltd  OLEC.NS  up 4.3% and
JBM Auto Ltd  JBMA.NS  3.8%, respectively
    **  Shares of OLEC rise as much as 10.8% to 743.4 rupees to hit highest
since Feb 21, 2022, while JBMA rises as much as 7.6% to 672.9 rupees, highest
since Jan 24, 2022 
    ** Maharashtra FM says over 5,000 EV buses will be added to state
transportation
    ** Uptick in JBMA's shares due to "EV fleet expansion announcement in
Maharashtra's budget on Thursday," says Abhishek Jain, vice president - research
at Dolat Capital
    ** Adds recent order win for EV buses have aided rise in OLEC's shares
    ** On March 6, OLEC said that it received orders worth 10 billion rupees
($121.9 million)from Telangana State Road Transport Corporation (TSRTC) for 550
electric buses 
    ** Over last four sessions, OLEC has jumped over 32%
    

($1 = 82.0275 Indian rupees)

 (Reporting by Yagnoseni Das in Bengaluru)
 ((Yagnoseni.Das@thomsonreuters.com; +91 6001289066;))