Indian electric bus makers jump on diesel bus replacement report

Jbm Auto

29/12/2023 06:29

** Shares of electric bus makers Tata Motors  TAMO.NS ,
Olectra Greentech  OLEC.NS , JBM Auto  JBMA.NS  and Ashok
Leyland  ASOK.NS  rise between 2% and 8.7%
    ** Indian govt plans to replace 800,000 diesel buses with
e-buses over next 7 years - Economic Times report, citing govt
sources
    ** Ministry of Heavy Industries, abovementioned cos did not
immediately respond to Reuters' request for comment
    ** JBMA up 2%, ASOK – which makes e-buses via its unit
Switch – jumps 4%; TAMO surges 6.5% to record high, OLEC soars
8.7%
    ** India currently aims to deploy 50,000 e-buses over next
4-5 yrs at ~$12 bln cost
    ** 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%
    




 (Reporting by Nandan Mandayam in Bengaluru)
 ((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))