Indian e-bus makers gain on report of $3.61 bln govt funding

Jbm Auto

11/01/2024 05:05

** Shares of JBM Auto  JBMA.NS , Olectra Greentech  OLEC.NS ,
Tata Motors  TAMO.NS  and Ashok Leyland  ASOK.NS  rise between
0.3%-3%
    ** Indian government plans to set up funds with an outlay of
up to 300 bln rupees ($3.61 bln) to boost electric bus mobility-
CNBC-TV 18 reports
    ** India aims to deploy 50,000 e-buses over next 4-5 years
at ~$12 bln cost
    ** Olectra, Tata Motors up ~3% and ~0.8% to new record highs
    ** Analysts' average rating on TAMO and ASOK are equivalent
of "buy;" JBMA and OLEC are not yet rated - LSEG data
    ** Median PTs on TAMO and ASOK at 3.6% discount and ~14%
premium to last close, respectively
    ** With YTD gains of 184%, JBMA top performer among e-bus
makers; ASOK's yearly gains of 26% among smallest in Nifty Auto
index  .NIFTYAUTO , which is up 48%
($1 = 83.0240 Indian rupees)

 (Reporting by Manvi Pant in Bengaluru)
 ((Manvi.Pant@thomsonreuters.com; +918447554364;))