JBM Auto, Olectra Greentech shares rallied up to 10% on April 16 after CNBC-TV18 reported that Centre will launch a tender for procurement of 10,000 electric buses.
Ministry of Heavy Industries will launch a tender in May 2025 to procure buses under PM E-DRIVE Scheme, reported CNBC-TV18 citing sources.
Convergence Energy Services Limited (CESL), a subsidiary of state-owned Energy Efficiency Services Limited, will issue a tender to choose intracity eBus operators for nine cities.
At 10 am on April 16, JBM Auto shares were trading 10% higher at Rs 689 apiece while Olectra Greentech shares on BSE were trading 7% higher at Rs 1,264 apiece.
The nine cities for which electric buses will be procured are Bengaluru, Chennai, Hyderabad, Pune, Mumbai, Surat, Ahmedabad, New Delhi and Kolkata.
The channel also reported that Centre could extend a subsidy of approximately Rs 3,000 crore for procurement of electric buses.
Ministry of Heavy Industries has capped the maximum subsidy amount at Rs 35 lakh per electric bus, sources told CNBC-TV18.
PM E-DRIVE Scheme was launched by Centre in September 2024.
PM E-DRIVE Scheme was launched by government in September 2024 with an outlay of Rs 10,900 crore for faster adoption of electric vehicles, setting up of charging infrastructure and development of EV manufacturing ecosystem in India. The scheme's implementation time line is from October 1, 2024 to March 31, 2026.
The scheme has envisioned support for 14,028 electric buses with subsidy outlay of Rs 4,391 crore.
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