JBM Auto Gains as JBM Electric Vehicles Signs Agreement with MUON India for Electric Buses

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JBM Auto Rises as Subsidiary Inks Deal for Electric Buses with Macquarie Group

Team FS

11/Jun/2024

Key Points:

1: JBM Electric Vehicles signs agreement with MUON India to deploy over 2,000 electric buses.

2: JBM Auto reports a significant jump in net profit for the quarter ended June 2024.

3: JBM Ecolife Mobility, a subsidiary, secures a Rs 7,500-crore order for 1,390 electric buses under the PM-eBus Sewa Scheme.

JBM Auto, a leading player in the automotive sector, witnessed a surge in its share price following the announcement that its subsidiary, JBM Electric Vehicles, has entered into a strategic agreement with MUON India Private Limited, a company under the Macquarie Group. The partnership aims to revolutionize India's public transportation landscape by deploying over 2,000 electric buses across the country, signaling a significant milestone in the transition towards sustainable mobility solutions.

Agreement with MUON India for Electric Buses Deployment

Under the agreement, JBM Electric Vehicles will collaborate with MUON India to deploy electric buses of various variants, including 9 meters, 12 meters, and others, over the next couple of years. This initiative aligns with Macquarie Group's launch of 'Vertelo,' an electric vehicle (EV) financing platform for India, offering financing, fleet management, and charging infrastructure solutions. The partnership underscores the commitment of both companies to drive innovation and sustainability in the transportation sector.

Financial Performance and Growth Prospects

In addition to the partnership announcement, JBM Auto reported a remarkable 98.6 percent jump in net profit for the quarter ended June 2024, reflecting the company's robust performance and strategic initiatives. This significant growth trajectory further strengthens JBM Auto's position as a key player in the automotive industry, poised to capitalize on emerging opportunities in the electric vehicle segment and contribute to India's clean energy transition.

Securing Major Orders for Electric Buses

JBM Auto's subsidiary, JBM Ecolife Mobility, also made headlines by securing a massive order worth Rs 7,500 crore for 1,390 electric buses under the PM-eBus Sewa Scheme. Awarded by the Convergence Energy Services Limited (CESL), the order encompasses the procurement, supply, operation, and maintenance of electric buses, along with the development of allied electric and civil infrastructure. This significant contract underscores the company's leadership in the electric mobility space and its commitment to supporting government initiatives for sustainable urban transportation.

Conclusion

JBM Auto's strategic partnerships, strong financial performance, and successful bid wins for electric bus projects highlight its pivotal role in driving innovation and sustainability in India's automotive industry. With a focus on electric mobility and sustainable transportation solutions, the company is well-positioned to capitalize on the growing demand for clean energy vehicles and contribute to the nation's efforts towards a greener future. As JBM Auto continues to expand its footprint and deliver value to stakeholders, investors remain optimistic about its growth prospects and long-term sustainability in the dynamic automotive market.

Also Read : Rail Vikas Nigam Emerges Victorious in Multiple Railway Projects, Shares Surge

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JBM Auto Rises as Subsidiary Inks Deal for Electric Buses with Macquarie Group

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