23 Dec , 2024 By : Debdeep Gupta
Shares of JBM Auto Limited surged 5 percent to Rs 1,720 in morning trade on December 23 after JBM Ecolife Mobility, a subsidiary of the company, was awarded the contracts as a bus operator for procurement, operation, and maintenance of 343 electric busses in Ahmedabad.
The company said that the total cost of the contract is Rs 1,800 crore. JBM Auto shares have seen a decent bounce back, having risen 17 percent in the past month. As many as 2 lakh shares changed hands, higher than the one-week average of 1 lakh shares.
In October, the board of JBM Auto Ltd. approved splitting one of its shares with a face value of Rs 2 into two shares with a face value of Rs 1 each. The company had previously split its shares in 2014 when one share with a face value of Rs 10 was divided into two shares of Rs 5 each. JBM Auto's second stock split occurred in 2022, reducing shares of Rs 5 each to shares of Rs 2 each.
For the September quarter, JBM Auto reported consolidated revenue of Rs 1,286 crore, marginally higher than the Rs 1,231 crore reported during the same quarter last year. Net profit for the period also rose slightly to Rs 49 crore from Rs 44 crore in the year-ago quarter.
The company's component division saw revenue increase from Rs 752 crore last year to Rs 793.6 crore this year, while the OEM division's revenue remained flat at Rs 420 crore.
At about 10 am, shares of the company were trading at Rs 1,655, higher by 1 percent from the last close on the NSE.
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