JBM Auto, Olectra Greentech shares rally up to 11% as Centre plans tender for 10,000 e-buses

Shares of JBM Auto and Olectra Greentech surged up to 11% on Wednesday after media reports indicated that the Centre will soon launch a tender to procure 10,000 electric buses.

According to CNBC-TV18, the Ministry of Heavy Industries will launch the tender in May 2025 under the PM E-DRIVE Scheme.

Convergence Energy Services Limited (CESL), a subsidiary of Energy Efficiency Services Limited (EESL), will float the tender to select intracity electric bus operators across nine cities — Bengaluru, Chennai, Hyderabad, Pune, Mumbai, Surat, Ahmedabad, New Delhi, and Kolkata.


Reports also suggest the Centre is likely to extend a subsidy of around Rs 3,000 crore for the procurement. Sources further said the Ministry has capped the maximum subsidy at Rs 35 lakh per electric bus.

At 10:19 am, JBM Auto shares were up 11% at Rs 695, while Olectra Greentech rose 7% to Rs 1,261.

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JBM Auto Share Price Target

According to Trendlyne, the average target price for JBM Auto is Rs 985, indicating a 42% upside from current levels.

The stock’s RSI stands at 56.2, indicating neutral momentum. Its MACD is at 1.1, above both the center and signal lines — a bullish indicator.

JBM Auto is trading above its 5-day to 50-day simple moving averages (SMAs) but remains below its 100-day, 150-day, and 200-day SMAs.

Olectra Greentech Share Price Target

The average target price for Olectra Greentech is Rs 1,585, suggesting an 18% potential upside.

The stock’s RSI is at 53.2, and the MACD is at -11.2, below the center line — a bearish signal.

Olectra Greentech is also trading above its 5-day to 50-day SMAs, but below its 100-day, 150-day, and 200-day averages.

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