Shares of JBM Auto and Olectra Greentech witnessed strong buying interest today, as investors cheered news about the Indian government’s ambitious push toward electric mobility. JBM Auto climbed 11% to trade at ₹694, while Olectra Greentech soared 8%, touching ₹1,250 during intraday trade.
The rally comes amid reports that the Union Government is preparing to float a tender for the procurement of 10,000 electric buses under the PM E-Drive scheme. The Ministry of Heavy Industries is expected to roll out the tender by May 2025, a move set to boost the country’s urban transportation system with clean, electric alternatives.
Adding further momentum, Convergence Energy Services Limited (CESL) will issue a separate tender to select intra-city electric bus operators for nine major cities: Bengaluru, Chennai, Hyderabad, Pune, Mumbai, Surat, Ahmedabad, New Delhi, and again Ahmedabad — highlighting the strong demand expected from the region.
The PM E-Drive scheme is designed to support the deployment of 14,028 electric buses across India, with a government subsidy allocation of ₹4,391 crore aimed at reducing upfront costs for transport corporations and private fleet operators.
JBM Auto, one of the biggest beneficiaries of this push, is the market leader in India’s electric bus segment, commanding an impressive 30-35% market share. The company has established the world’s largest dedicated integrated EV ecosystem and electric bus manufacturing facility outside China, complete with in-house integrated electronics manufacturing capabilities — giving it a strong competitive edge in both capacity and quality.
Olectra Greentech, another major player in the space, has also emerged as a focused force in electric mobility. A staggering 87% of Olectra’s total revenue now comes exclusively from its electric bus segment, underlining the company’s clear strategic focus on EV transportation solutions. Olectra offers a diverse lineup of electric buses tailored for various route lengths and city requirements:
Olectra V2 (7m) — Range: 150 km
Olectra iX (9m) — Range: 180 to 220 km
Olectra X2 (12m) — Range: 200 to 300 km
Olectra CX2 (12m) — Range: 300 km
In addition to its bus offerings, Olectra has also ventured into the commercial electric vehicle space, having introduced the Olectra E-Tipper 6x4 — a heavy-duty electric tipper, which the company began selling in Q4 FY23.
With government-backed schemes, expanding urban adoption, and a strong focus on reducing carbon emissions, both JBM Auto and Olectra Greentech stand to benefit substantially from the upcoming tenders and future electric mobility policies.
Disclaimer: This article is intended for informational purposes only and does not constitute investment advice. Investing in the stock market involves risks, and past performance is not indicative of future returns. Readers are encouraged to perform their own research or consult with a certified financial advisor before making any investment decisions.