JBM Auto, Olectra Greentech shares soar up to 12% on hopes of electric bus tenders

Shares of JBM Auto and Olectra Greentech surged by 8%-12% during Wednesday's trading session amid expectations of securing new contracts, according to CNBC-TV18.

As reported by the news agency, its sources indicated that the government plans to launch a tender for the acquisition of 10,000 electric buses. These tenders are anticipated to be issued next month as part of the PM E-drive initiative.

CESL, or Convergence Energy Services Ltd, will be responsible for releasing a tender to select the intra-city electric bus operator for nine cities, with the central government providing a subsidy of approximately ₹3,000 crore for the purchase of these buses, as stated by CNBC-TV18, citing its sources. The nine cities involved are Bengaluru, Chennai, Hyderabad, Pune, Mumbai, Surat, Ahmedabad, New Delhi, and Kolkata.

As per the news report from CNBC-TV18, the Ministry of Heavy Industries has set a maximum subsidy limit of ₹35 lakh for each electric bus, with the majority of states requesting 12-meter electric buses for urban operations. The government initiated the PM E-Drive scheme in September 2024, with a budget allocation of ₹10,900 crore valid until March 2026.

In February of this year, JBM Auto's subsidiary, JBM Ecolife Mobility, secured a ₹5,500 crore contract under the PM eBus Seva Scheme-II.

Technical Views

JBM Auto share price today, opened at an intraday high of ₹634.50 apiece on the BSE, the stock touched an intraday low of ₹634.50 per share. According to Anshul Jain, Head of Research at Lakshmishree Investment and Securities, JBM Auto share price is breaking out of a 30-session bullish flag formation, backed by a massive 1100% surge in volume compared to the 50-day average — a clear sign of strong institutional accumulation. A sustained move above ₹690 will confirm the breakout and open the gates for a rally towards the weekly swing high of ₹800. Momentum and volumes are firmly in the bulls’ favour, making this a high-conviction setup for near-term upside.

“JBM Auto share price is in strong Momentum today up by around 11% and crossing beyond its March swing high of ₹670, A price and volume breakout is observed expecting further upmove towards 200sma placed at ₹800. Immediate support is at ₹650,” added Rajesh Bhosale, Equity Technical and Derivative Analyst at Angel One.

Olectra Greentech share price today, opened at ₹1,194.90 per share on the BSE, the stock touched an intraday high of ₹1,274.60, and an intraday low of ₹1,187.05.

Anshul Jain explained that Olectra share price has formed a bullish 7-week double bottom at the key weekly swing low of ₹1,017 after a sharp 55% correction from all-time highs over 59 weeks. Rising volumes at the base suggest institutional accumulation. A breakout above ₹1,300 will confirm the bullish structure and can trigger a strong move towards ₹1,600 — the 50% retracement level of the entire decline. Watch for a decisive breach above ₹1,300 to validate the trend reversal.

“After forming a base around 200 WMA, Olectra Greentech share prices are seeing strong traction in today's session backed with surge in volume. Considering the positive Momentum the upside can extend towards ₹1,450 in near term whereas the recent bullish gap around ₹1,100 to act as immediate support,” added Bhosale.

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