EV Stock Surge Post Budget: Olectra, JBM, Greaves Gain
Feb 01, 2024 12:46
Electric vehicle stocks rallied after India's Budget announcement focused on expanding charging infrastructure and encouraging e-buses. Olectra Greentech, JBM Auto, and Greaves Cotton saw significant gains.
New Delhi, Feb 1 (PTI) Shares of companies related to the electric vehicle segment jumped on Thursday after the announcement that the government will expand the electric vehicle ecosystem to support charging infra, and e-buses for public transport networks will be encouraged.
The stock of Olectra Greentech jumped 6.21 per cent to reach its 52-week high of Rs 1,849.25 on the BSE.
JBM Auto climbed 4.96 per cent to hit its one-year peak of Rs 2,010.80. Greaves Cotton went up by 3 per cent to the day's high of Rs 168.55.
The government will expand the electric vehicle ecosystem to support charging infra, and e-buses for public transport networks will be encouraged, Finance Minister Nirmala Sitharaman said on Thursday.
Sitharaman, in her pre-election Budget, which is technically a vote on account and popularly termed an interim Budget, also said the blending of compressed biogas into compressed natural gas for transport and piped natural gas will be mandatory.
Biomanufacturing and bio foundry scheme will be launched to provide environment-friendly alternatives for bio-degradable production, she added.
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