JBM Auto share price jumped nearly 10% in early trade on Friday after, led by robust volumes. The stock rallied as much as 9.89% to Rs 685 apiece on the BSE.
The surge JBM Auto share price today was supported by strong trading volumes. Around 63 lakh equity shares of the company changed hands on stock exchanges, significantly higher than its one-week average trading volumes of 2 lakh shares, and one-month average volumes of 3 lakh shares.
Meanwhile, a report said that Bain Capital was looking to acquire a significant minority stake in JBM Auto's electric vehicle manufacturing unit.
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The US-based PE firm is looking to invest up to Rs 2,850 crore in the JBM unit, though negotiations are underway to finalise the size of the stake and deal structure, The Economic Times reported, quoting sources.
It is also said to be open to a joint control of the business, it added.
The investment from Bain Capital is expected to provide growth capital support to JBM Auto, supporting its transformation towards fully-fledged clean energy mobility platform
Technical Outlook
JBM Auto share price has given a breakout from a downward-sloping trendline on the daily timeframe, indicating a potential shift in the near-term trend, noted Sudeep Shah - Head of Technical and Derivatives Research at SBI Securities.
“The RSI has witnessed a sharp uptick, rising from 33 to nearly 60, signalling renewed bullish momentum. The DI+ has also crossed above the DI- on the ADX indicator, suggesting that buyers are gradually asserting dominance over sellers. The stock is now trading above its key moving averages, further supporting the positive bias,” said Shah.
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According to him, the Rs 655 – Rs 650 zone is likely to act as the immediate support, and as long as JBM Auto shares sustains above this zone, the ongoing pullback is likely to extend further.
JBM Auto Share Price Performance
JBM Auto share price has gained 17% in six months, and 6% in one year. The stock has fallen 30% in two years, but has delivered multibagger returns of 613% over the past five years.
At 10:15 AM, JBM Auto share price was trading 7.22% higher at Rs 668.35 apiece ont the BSE.
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