JBM Auto Ltd’s shares have risen by 17 percent since the start of the calendar year 2024. On Thursday, the stock was observed trading 2.17 percent higher at Rs 1,897.55. At this current price, the high-performing stock has experienced an impressive rally of approximately 206 percent over the past twelve months.
The company has recently disclosed that its subsidiary, JBM Ecolife Mobility Pvt Ltd, has successfully obtained an order for 1,390 electric buses through the PM-eBus Sewa Scheme. In an exchange filing, it was stated, “JBM Ecolife has been selected as the lowest bidder and granted the tender to serve as a bus operator for the procurement, supply, operation, and maintenance of 1,390 e-buses, along with the development of associated electric and civil infrastructure on a gross cost contracting basis under the PM-eBus Sewa Scheme.”
The value of the order amounts to approximately Rs 7,500 crore.
Technical analysts held differing views on the stock. One analyst suggested a potential climb towards the Rs 2,050 level in the near term, while another indicated that the stock appeared “sideways to bearish” based on daily charts.
Ravi Singh, Senior Vice President of Retail Research at Religare Broking, suggested contemplating the purchase of the stock with a target upside of Rs 2,050. He further advised placing a stop loss at Rs 1,850.
According to AR Ramachandran from Tips2trades, the JBM Auto stock price appears to be in a sideways to bearish trend on daily charts, with notable resistance at Rs 2,007. A daily close below the Rs 1,665 level could potentially result in a downward target of Rs 1,465 in the near term.
Both the BSE and NSE stock exchanges have placed JBM Auto’s securities under the long-term Additional Surveillance Measure (ASM) framework. Stock exchanges implement short-term or long-term ASM frameworks to alert investors about heightened volatility in share prices.
As of December 2023, the company’s promoters maintained a stake of 67.53 percent in the company.
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JBM Auto is an integral component of the esteemed JBM Group, which boasts operations spanning more than 25 locations in 10 countries. Renowned as one of the premier manufacturers globally, the group specializes in producing essential auto systems, electric vehicles, and buses.
Disclaimer: The information provided by Stockeasynow about the stock market is purely informative and should not be interpreted as financial advice. Before making any investing decisions, readers are advised to speak with a licensed financial advisor.
