On April 16, 2025, JBM Auto and Olectra Greentech shares saw a sharp rise during the trading session.
As of 12:46 PM, JBM Auto was trading at ₹688, up nearly 10% from the previous close of ₹625. The stock opened at ₹633, hit a low of ₹633, and went up to a high of ₹704 before settling near ₹688.
Similarly, at 12:47 PM, Olectra Greentech was trading at ₹1,252, up about 6% from the previous close of ₹1,180. It opened at ₹1,193, touched a low of ₹1,188, and surged to a high of ₹1,274. The sudden upmove in both stocks came after positive news related to upcoming government tenders for electric buses.
Why Did These Stocks Go Up Today?
The Main reason behind the rally is the report that the government is planning to issue a large tender for 10,000 electric buses under the PM E-Drive Scheme.
Government to Invite Bids for 10,000 E-Buses
As reported by CNBC-TV18, the government will invite bids next month for purchasing 10,000 electric buses. This has created excitement among investors, especially in companies that manufacture electric buses like JBM Auto and Olectra Greentech.
The electric buses will be used in nine major Indian cities:
- Bengaluru
- Chennai
- Hyderabad
- Pune
- Mumbai
- Surat
- Ahmedabad
- New Delhi
- Kolkata
The focus is on improving clean transport in cities, and these e-buses will help reduce pollution and traffic-related issues.
CESL to Manage the Tender Process
The tender process will be managed by Convergence Energy Services Ltd. (CESL), which will choose the best intra-city electric bus operators for these cities.
₹3,000 Crore Subsidy from the Government
- The central government will provide a ₹3,000 crore subsidy to support this program.
- The Ministry of Heavy Industries has capped the subsidy at ₹35 lakh per bus.
- Most states have requested 12-meter buses for better capacity and suitability in city routes.
PM E-Drive Scheme – A Quick Overview
- Launched in September 2024
- Budget Outlay: ₹10,900 crore
- Valid Until: March 2026
The scheme aims to push electric mobility in India, especially in urban public transport.
JBM Auto Already Has a Big Contract
JBM Auto is already a strong player in this space. In February 2025, its subsidiary JBM Ecolife Mobility won a ₹5,500 crore contract under the PM eBus Seva Scheme-II. This builds trust in the company’s potential to win more contracts.
Strong Performance in the Last Month
- JBM Auto shares are up 32% over the past month.
- Olectra Greentech shares have gained 24%.
Both stocks are now among the top gainers in the Nifty 500 index.
Conclusion
JBM Auto and Olectra Greentech shares gained strongly today due to high expectations of new electric bus contracts under a government scheme. The planned tender for 10,000 e-buses and the ₹3,000 crore subsidy are likely to benefit these companies. Investors are optimistic about future growth as both firms are well-positioned to secure these orders.