Shares of JBM Auto Ltd surged 3% on 11 June after the company’s subsidiary JBM Electric Vehicles announced signing an MoU (memorandum of understanding) with MUON India Private Limited, a Macquarie Group company.

Macquarie Group has launched an EV financing platform for India called ‘Vertelo’, offering financing, fleet management, and charging infrastructure solutions.

As a part of this MoU, the company intends to deploy over  2,000 electric buses (9 mtr, 12 mtr & other variants) with MUON’s in the next couple of years. 

Based on the agreement, the company has secured an initial order for 43 buses in April 2024 and started to deliver the buses within the 1 month from the date of the order and has completed the delivery by 10 June 2024.

On 19 March, the company’s subsidiary, JBM Ecolife Mobility secured an order for 1,390 electric buses worth Rs 7,500 crore. The order was received from Convergence Energy Services Limited (CESL) for the procurement, supply, operation and maintenance of the buses under the PM-eBus Sewa Scheme.

The company is also responsible for developing allied electric and civil Infrastructure on gross cost contracting and has to be executed in the next 12-18 months. 

In its quarterly earnings for January-March, the company reported a 98.6% year-on-year increase to Rs 55.75 crore during the quarter from Rs 28.07 crore reported in the same quarter last year. 

At 2:23 pm, the shares of JBM Auto were trading 1.03% higher at Rs 2,064.60 on NSE.