JBM Auto arm signs MoU with Macquarie Group company; shares gain

JBM Auto

JBM Auto share price gained in the opening trade on June 11 after the company's subsidiary JBM Electric Vehicles signed an agreement with MUON India Private Limited, a Macquarie Group company.

At 09:27am. JBM Auto was quoting at Rs 2,067.65, up Rs 21.00, or 1.03 percent, on the BSE.

Macquarie Group has launched an EV financing platform for India called ‘Vertelo’ which will offer financing, fleet management and charging infrastructure solutions.

Under this agreement, JBM intends to deploy over 2,000 electric buses (9 mtr, 12 mtr & other variants) with MUON's, over the next couple of years.

Based on the agreement, JBM had received an initial order for 43 buses in April, 2024 and started to deliver the buses within just 1 month from the date of the order. Moreover, the company has successfully able to complete the delivery by June 10, 2024.

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In the quarter ended June 2024, the company's net profit jumped 98.6 percent at Rs. 55.75 crore from Rs 28.07 crore in year ago.

In March 19, company's subsidiary JBM Ecolife Mobility bagged a Rs 7,500-crore order of 1,390 electric buses.

The tender has been awarded by the Convergence Energy Services Limited (CESL) for the procurement, supply, operation and maintenance of the buses under the PM-eBus Sewa Scheme.

The firm will also be responsible for the development of allied electric and civil Infrastructure on gross cost contracting (GCC) under the scheme.

The order has to be executed within the next 12 to 18 months.