Shares of JBM Auto Ltd. surged over 10% on Tuesday after it won contract worth Rs 7,500 crore for procurement, supply, operation of 1,390 electric buses.
The order includes development of related electric and civil infrastructure under the PM-eBus Sewa Scheme. The contract is expected to be executed within 12-18 months, according to an exchange filing.
Shares of the company rose as much as 10.12% to Rs 2,065.45 apiece the highest level since March. 5. It pared gains to trade 5% higher at Rs 1,971 apiece as of 10:59 a.m. This compares to a 0.9% decline in the NSE Nifty 50 Index.
The stock has risen 207.7% in the last twelve months. Total traded volume so far in the day stood at 0.99 times its 30-day average. The relative strength index was at 50.35.
One analyst tracking the stock has a 'sell' rating according to Bloomberg data.
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