JBM Auto in fifth gear, up 9% on electric bus launch
Shares of JBM Auto surged nearly 9 per cent in Thursday's trade after the company unveiled an electric car 'Ecolife' at Auto Expo 2016 in Greater Noida, NCR.
By ET Online | Updated:
NEW DELHI: Shares of JBM Auto surged nearly 9 per cent in Thursday's trade after the company unveiled an electric car 'Ecolife' at Auto Expo 2016 in Greater Noida, NCR.
In a regulatory filing to BSE, the auto ancillary company said the bus is made in partnership with European bus manufacturer Solaris Bus and Coach. Following the development, the stock soared 8.6 per cent to hit a high of Rs 154.70 on BSE. Volumes rose on the low-liquidity counter. By 10 am, 2,948 crore shares had changed hands on the counter, compared with a two-week average of 2,136 crore. The percentage of deliverable quantity stood healthy at 68.46 per cent.
The stock is up about 15 per cent from the August 2015 low of Rs 134.80.
The company is yet to report December quarter results. Net profit of the auto ancillary firm rose 18.53 per cent to Rs 17.91 crore in the December quarter, on 4.44 per cent rise in net sales to Rs 378.56 crore.
The session, meanwhile, was good for the auto ancillary space as a whole. By the time of writing this report, stocks of 53 auto parts and equipment makers were quoting in the positive terrain, while only 11 were trading in the red. The list excludes tyre makers.
In a regulatory filing to BSE, the auto ancillary company said the bus is made in partnership with European bus manufacturer Solaris Bus and Coach. Following the development, the stock soared 8.6 per cent to hit a high of Rs 154.70 on BSE. Volumes rose on the low-liquidity counter. By 10 am, 2,948 crore shares had changed hands on the counter, compared with a two-week average of 2,136 crore. The percentage of deliverable quantity stood healthy at 68.46 per cent.
The stock is up about 15 per cent from the August 2015 low of Rs 134.80.
The company is yet to report December quarter results. Net profit of the auto ancillary firm rose 18.53 per cent to Rs 17.91 crore in the December quarter, on 4.44 per cent rise in net sales to Rs 378.56 crore.
The session, meanwhile, was good for the auto ancillary space as a whole. By the time of writing this report, stocks of 53 auto parts and equipment makers were quoting in the positive terrain, while only 11 were trading in the red. The list excludes tyre makers.
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