Shares of JBM Auto hit an intraday high of 2,065 rupees, gaining 10% on Tuesday after getting a massive bus order from the government. Its subsidiary JBM Ecolife Mobility has been awarded the tender for an electric bus order.
The company will supply, operate and maintain 1,390 electric buses under the PM-eBus Sewa Scheme. The total value of the order is seen around 7,500 crore rupees.
Jindal Stainless to supply special stainless steel grade to JBM Auto
Jindal Stainless on Tuesday said it will supply high-end stainless steel grade to JBM Auto for manufacturing of 500 lightweight electric buses.
Under a partnership with JBM Auto, it will provide JT Tubes, made up of low-carbon, chromium-manganese austenitic stainless steel to the e-bus maker, Jindal Stainless Ltd (JSL) said in a statement.
Jindal Stainless has partnered with JBM Auto to roll out over 500 energy-efficient electric buses. JT Tubes has three times the strength of the carbon steel currently used to fabricate buses, according to the statement.
JSL Managing Director Abhyuday Jindal, said lighter vehicles improve energy consumption, and reduce the carbon footprint of the transport sector.
"Through our association with JBM Auto, we look forward to furthering our mission to contributing to greener modes of public transport," Jindal said.
"Our mission is to provide intelligent electric vehicles with robust infrastructure support, making EVs the most sustainable mode of public commuting. I am confident that our collaboration with Jindal Stainless will act as a catalyst in achieving our mission," Vice Chairman & Managing Director, JBM Auto Nishant Arya said.
Further, JSL said it will supply the material through its domestic service arm Jindal Stainless Steelway Limited (JSSL).
JSL is India's largest stainless steel manufacturing company with two plants located in Haryana and Odisha.