Shares of JBM Auto surged 7.86% to ₹674.15 in Tuesday’s early trade after CNBC-TV18 reported that the Indian government plans to float a major tender under the PM E-Drive Scheme for the procurement of 10,000 electric buses across nine key cities. The stock opened at ₹633 and hit an intraday high of ₹678. With a market cap of ₹15,940 crore, JBM Auto’s volume crossed 9 lakh shares—significantly higher than its average.
Government to launch ₹3,000 crore e-bus subsidy scheme
According to CNBC-TV18 sources, the Ministry of Heavy Industries is expected to float the tender by May 2025, with the Centre allocating approximately ₹3,000 crore in subsidies to support electric bus procurement. The total scheme envisions support for 14,028 e-buses with an outlay of ₹4,391 crore.
Most states have reportedly demanded 12-metre intra-city buses, and e-buses under this tender will be supplied to major cities including:
-
Bengaluru
-
Chennai
-
Hyderabad
-
Pune
-
Mumbai
-
Surat
-
Ahmedabad
-
New Delhi
-
Kolkata
JBM Auto seen as likely beneficiary
Industry experts believe JBM Auto stands to gain significantly from this development. As a key player in the domestic e-bus manufacturing and operation space, the company is seen as a front-runner for potential supply contracts under this scheme.
Previously, JBM Auto has been involved in multiple city-level e-bus deployment projects, and the extension of central subsidies enhances the viability and volume visibility for players like JBM.
As the government pushes forward on its clean mobility agenda, this policy initiative is seen as a major boost for the e-bus ecosystem, with JBM Auto at the forefront.