JBM Auto, Ola Electric shares surge nearly 13% on report of govt floating tenders to procure 10,000 e-buses

Shares of electric vehicle makers JBM Auto and Ola Electric Mobility skyrocketed as much as 13% on the National Stock Exchange (NSE) on Wednesday, April 16. This came following reports that the government is launching tenders to procure electric buses.

Convergence Energy Services Ltd (CESL) will float a tender to choose an intra-city e-bus operator for nine cities, including Bengaluru, Chennai, Hyderabad, Pune, Mumbai, Surat, Ahmedabad, New Delhi and Kolkata.

The Ministry of Heavy Industries has reportedly capped the maximum subsidy amount at ₹35 lakh per electric bus, the report further stated.

It also said most states have demanded 12-meter-long buses for intra-city use.

JBM Auto share performance

Shares of JBM Auto surged 12.73% to an intra-day high of ₹704.60 apiece on the NSE on Tuesday.

The stock was trading at ₹686.45 per share, up 9.82% as of 12:40 pm.

JBM Auto shares gained 1.90% over the last week and 17.23% month-to-date. The scrip has lost 9.18% since the beginning of the year.

It hit its 52-week low of ₹489.80 on March 17, 2025, and a high of ₹1,169.38 on July 9, 2024.

JBM Auto has a total market capitalisation of ₹16,403.24 crore as of April 16, 2025, on the NSE.

Ola Electric Mobility share performance

Shares of Ola Electric Mobility climbed 4.99% to an intra-day high of ₹52.78 on the NSE on April 16.

The scrip was trading at ₹50.63 per share, up 0.72% at around 12:40 pm.

Ola Electric Mobility stock gained 4.34% over the last week but lost 4.62% since the beginning of April. The share was down 40.94% year-to-date.

The stock reached a year’s low of ₹45.35 on April 7, 2025, and a high of ₹157.40 on August 20, 2024.

Ola Electric Mobility has a total market capitalisation of ₹22,301.16 crore as of April 16, 2025, on the NSE.