JBMA

Feb 19 (Reuters) - JBM Auto Ltd JBMA.NS:

• ECOLIFE AWARDED TENDER FOR 1,021 ELECTRIC BUSES

• TENDER ORDER VALUE APPROXIMATELY 55 BILLION RUPEES

Source text: ID:nBSEbjdfjX

Further company coverage: JBMA.NS

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Jan 29 (Reuters) - JBM Auto Ltd JBMA.NS:

• DEC-QUARTER CONSOL NET PROFIT 526.4 MILLION RUPEES

• DEC-QUARTER CONSOL REVENUE FROM OPERATIONS 13.96 BILLION RUPEES

Source text: ID:nBSE9ynjxw

Further company coverage: JBMA.NS

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** Shares of JBM Auto Ltd JBMA.NS rise as much as 4.9% to 1,720 rupees

** Auto parts maker says its unit got contracts as a bus operator for 343 electric buses for Ahmedabad BRTS and some corporates; order valued at 18 billion rupees ($211.67 million)

** Stock on track to snap 6-month losing streak; has gained 7.3% so far this month

** More than 174,000 shares traded as of 9:38 a.m. IST, vs their 30-day moving avg of 223,581 shares

** JBMA last up 2.2%, adding to YTD gains of 14.3%

($1 = 85.0370 Indian rupees)

(Reporting by Meenakshi Maidas in Bengaluru)

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Oct 28 (Reuters) - JBM Auto Ltd JBMA.NS:

• JBM AUTO - APPROVES SUB-DIVISION OF SHARES

• JBM AUTO SEPT-QUARTER CONSOL NET PROFIT 495.3 MILLION RUPEES

• JBM AUTO SEPT-QUARTER CONSOL REVENUE FROM OPERATIONS 12.86 BILLION RUPEES

Source text: ID:nnAPN2CNP77

Further company coverage: JBMA.NS

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Sept 17 (Reuters) - JBM Auto Ltd JBMA.NS:

• JBM ECOLIFE MOBILITY SECURES $100 MILLION STRATEGIC FUNDING

• FUNDS TO BE INFUSED TOWARDS SUPPLYING, OPERATING ELECTRIC BUSES

• AROUND 650 E-BUSES TO BE DEPLOYED IN MULIPLE STATES

Source text for Eikon: ID:nBSE7NdfY5

Further company coverage: JBMA.NS

(Reporting by VijayDattaram Malkar)

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** Brokerage UBS estimates a 31-34% cut in incentives per vehicle for electric two- and three-wheelers under new Indian scheme

** Says allocation of funds under the scheme is heavy on commercial vehicles and introduces incentives for setting up public charging infrastructure

** Says scheme is negative for cars as it leaves out e-cabs, which were part of earlier scheme

** Some EV makers had risen on Thursday after scheme was announced

** EV makers largely up less than 1%, JBM Auto JBMA.NS - which makes electric buses - up 2.5%

** Nifty Auto index .NIFTYAUTO up 0.1%

(Reporting by Varun Vyas in Bengaluru)

(([email protected]))

** JBM Auto JBMA.NS up 5.5% and Olectra Greentech OLEC.NS gains 3%

** Stocks among top small-cap .NIFSMCP100 gainers

** India govt approves scheme to spend 109 bln rupees ($1.3 bln) on incentives for EV adoption

** JBMA shares up 39% YTD, while OLEC up about 23% YTD vs 27% gains in small-cap index

(Reporting by Sethuraman NR in Bengaluru)

(([email protected]; (+91 9945291420); Reuters Messaging: [email protected]))

** Shares of JBM Auto JBMA.NS jump 4% in above avg vols

** Busmaker said unit signed deal with Indian intercity bus service LeafyBus to supply 200 electric buses

** Co did not give financial details of the deal

** Stock was up 1.3% before the announcement

** Trading volumes, which jumped sharply post announcement, are at 2x the 30-day avg

** Stock up about 35% YTD, eyes fourth straight year of gains

(Reporitng by Nishit Navin)

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Repeats story published on July 19 with no changes to text

By Bharath Rajeswaran

BENGALURU, July 19 (Reuters) - India unveils its budget on July 23 in the first major policy announcement of Prime Minister Narendra Modi's third five-year term, which could usher in changes to economic priorities.

After a shock election result saw Modi's party returned to power relying on allies, the government is expected to boost consumption in Asia's third-largest economy by lowering personal taxes or increasing spending on consumer-focused areas.

While that could benefit consumer goods makers, real estate and housing finance firms as well as infrastructure and auto companies, some sectors could also stand to lose, said brokerages.

Here are some of their winners and losers.

RURAL-LINKED SECTORS

The government is expected to allocate more funds for rural schemes to stimulate consumption, aiding consumer goods makers like Hindustan Unilever HLL.NS and two-wheeler makers like TVS Motor TVSM.NS and Hero MotoCorp HROM.NS, according to Citi.

A less than 5%-7% increase in tobacco taxes could be a positive for ITC ITC.NS, the country's largest cigarette maker, according to Jefferies.

REAL ESTATE

The government is likely to allocate more funds for affordable housing, benefitting developers such as Macrotech Developers MACE.NS and Sunteck Realty SUNT.NS, Citi said.

Moreover, the introduction of an interest subsidy scheme for urban housing would boost financiers like Aavas Financiers AVAS.NS and Home First Finance HOME.NS, said Jefferies.

AUTOMAKERS

India doled out subsidies worth 115 billion rupees ($1.38 billion) over five years to drive the adoption of electric vehicles (EVs) and Macquarie expects the government to retain both the quantum and tenure in its latest scheme.

That could benefit Tata Motors TAMO.NS, India's top e-car maker, as well as IPO-bound e-scooter maker Ola Electric and e-bus makers Olectra Greentech OLEC.NS and JBM Auto JBMA.NS.

Conversely, lesser-than-expected EV subsidies could benefit Maruti Suzuki MRTI.NS, India's highest-selling car maker and one that has chosen to make hybrid cars over pure EVs.

MANUFACTURING

The push on production-linked incentive schemes, which incentivises local manufacturing and creates jobs, is expected to continue, according to HSBC.

That will help manufacturers of technology hardware, telecom equipment, electronics and medical devices among others, like Dixon Technologies DIXO.NS, Ideaforge Technology IDEF.NS, Biocon BION.NS.

Capital goods companies like Larsen & Toubro LART.NS and infrastructure firms could benefit from the likely rise in capital expenditure in the budget, according to Jefferies.

TRADING

Any change in capital gains tax -- either by raising the holding period or tax rate -- could be a dampener for equities, Morgan Stanley said, though it says such moves are unlikely.

But, if enacted, they would increase the tax burden on equity and mutual fund investors, eroding the tax advantage they enjoy over investors in other asset classes.

It could also lead to lower trading volumes, weighing on brokerages Motilal Oswal MOFS.NS, ICICI Securities ICCI.NS, Angel One ANGO.NS, 5 Paisa PAIS.NS among others.

The country's mutual fund association has petitioned that mutual fund units be exempted from long-term capital gains tax.

The government and regulators also want to rein derivatives trading -- which has largely powered the stock market's rally since the COVID-19 pandemic -- calling it risky and speculative.

Any move to do so, such as through higher taxes, will not only weigh on the market but also reduce trading volumes and in turn, affect brokerages and trading platforms, Jefferies said.

(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Savio D'Souza)

(([email protected]; +91 9769003463;))

By Bharath Rajeswaran

BENGALURU, July 19 (Reuters) - India unveils its budget on July 23 in the first major policy announcement of Prime Minister Narendra Modi's third five-year term, which could usher in changes to economic priorities.

After a shock election result saw Modi's party returned to power relying on allies, the government is expected to boost consumption in Asia's third-largest economy by lowering personal taxes or increasing spending on consumer-focused areas.

While that could benefit consumer goods makers, real estate and housing finance firms as well as infrastructure and auto companies, some sectors could also stand to lose, said brokerages.

Here are some of their winners and losers.

RURAL-LINKED SECTORS

The government is expected to allocate more funds for rural schemes to stimulate consumption, aiding consumer goods makers like Hindustan Unilever HLL.NS and two-wheeler makers like TVS Motor TVSM.NS and Hero MotoCorp HROM.NS, according to Citi.

A less than 5%-7% increase in tobacco taxes could be a positive for ITC ITC.NS, the country's largest cigarette maker, according to Jefferies.

REAL ESTATE

The government is likely to allocate more funds for affordable housing, benefitting developers such as Macrotech Developers MACE.NS and Sunteck Realty SUNT.NS, Citi said.

Moreover, the introduction of an interest subsidy scheme for urban housing would boost financiers like Aavas Financiers AVAS.NS and Home First Finance HOME.NS, said Jefferies.

AUTOMAKERS

India doled out subsidies worth 115 billion rupees ($1.38 billion) over five years to drive the adoption of electric vehicles (EVs) and Macquarie expects the government to retain both the quantum and tenure in its latest scheme.

That could benefit Tata Motors TAMO.NS, India's top e-car maker, as well as IPO-bound e-scooter maker Ola Electric and e-bus makers Olectra Greentech OLEC.NS and JBM Auto JBMA.NS.

Conversely, lesser-than-expected EV subsidies could benefit Maruti Suzuki MRTI.NS, India's highest-selling car maker and one that has chosen to make hybrid cars over pure EVs.

MANUFACTURING

The push on production-linked incentive schemes, which incentivises local manufacturing and creates jobs, is expected to continue, according to HSBC.

That will help manufacturers of technology hardware, telecom equipment, electronics and medical devices among others, like Dixon Technologies DIXO.NS, Ideaforge Technology IDEF.NS, Biocon BION.NS.

Capital goods companies like Larsen & Toubro LART.NS and infrastructure firms could benefit from the likely rise in capital expenditure in the budget, according to Jefferies.

TRADING

Any change in capital gains tax -- either by raising the holding period or tax rate -- could be a dampener for equities, Morgan Stanley said, though it says such moves are unlikely.

But, if enacted, they would increase the tax burden on equity and mutual fund investors, eroding the tax advantage they enjoy over investors in other asset classes.

It could also lead to lower trading volumes, weighing on brokerages Motilal Oswal MOFS.NS, ICICI Securities ICCI.NS, Angel One ANGO.NS, 5 Paisa PAIS.NS among others.

The country's mutual fund association has petitioned that mutual fund units be exempted from long-term capital gains tax.

The government and regulators also want to rein derivatives trading -- which has largely powered the stock market's rally since the COVID-19 pandemic -- calling it risky and speculative.

Any move to do so, such as through higher taxes, will not only weigh on the market but also reduce trading volumes and in turn, affect brokerages and trading platforms, Jefferies said.

(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Savio D'Souza)

(([email protected]; +91 9769003463;))

** Shares of JBM Auto JBMA.NS up 2.5%

** JBM's unit signs agreement with MUON India, a Macquarie Group firm, for over 2,000 e-buses over next couple of years

** More than 623,000 shares traded by 03:08 p.m. IST, 1.3x times their 30-day avg

** Including session's gain, stock is up 42.7% YTD

(Reporting by Navamya Ganesh Acharya in Bengaluru)

(([email protected]; +91 8805175330 ;))

By Dhwani Pandya and Nandan Mandayam

MUMBAI, April 22 (Reuters) - Australia's Macquarie Group launched on Monday an EV financing platform for India that will focus 95% of its $1.5 billion investment on electrifying fleets of commercial vehicles.

The platform, called Vertelo, will offer financing, fleet management and charging infrastructure solutions, its chief executive Sandeep Gambhir said at the launch.

The remaining 5% of investment will go towards charging infrastructure and other requirements.

Macquarie had previously said it would launch an EV financing platform along with the United Nations' Green Climate Fund (GCF) targeting initial investments on electric buses, shared fleets and charging infrastructure, but did not give a breakdown.

The Australian financial services conglomerate's focus on fleet electrification comes as EV sales are slowing down globally, with carmakers resorting to discounts to boost demand.

BP-backed startup BluSmart and Lithium operate a fleet of electric taxis in India, while Uber has also added electric cars in India by partnering with fleet operators.

Vertelo will buy up to 2,000 electric cars from Indian EV market leader Tata Motors TAMO.NS over the next three years, and up to 2,000 buses each from electric bus makers JBM Auto JBMA.NS and Eka Mobility over the next three-to-five years, Macquarie said in a statement.

The platform has so far drawn equity investments totalling $405 million from Macquarie and the GCF and will deploy $1.5 billion over the next 10 years.

Macquarie in December picked up a minority stake in Indian fast-charging infrastructure provider Charge Zone.

(Reporting by Dhwani Pandya in Mumbai and Nandan Mandayam in Bengaluru
Editing by Mark Potter)

(([email protected]; Mobile: +91 9591011727;))

** Shares of Jindal Stainless JIST.NS trims some losses, last down 1.8% at 659.8 rupees

** India's biggest stainless steel maker announces partnership with busmaker JBM Auto JBMA.NS for more than 500 electric buses

** JIST was down ~3.8% before the announcement

** JBMA was already up after its unit won a $904 mln order

** Avg analyst rating on JIST is "buy", same as Jindal Steel and Power JNSP.NS, while JSW Steel JSTL.NS and Tata Steel TISC.NS rated "hold" on avg - LSEG data

(Reporting by Varun Vyas in Bengaluru)

(([email protected]))

** Electric bus makers Tata Motors TAMO.NS, JBM Auto JBMA.NS, Olectra Greentech OLEC.NS, and Ashok Leyland ASOK.NS rise 0.3%-5%

** Gains come after Finance Minister Nirmala Sitharaman says in her budget speech that the government will encourage EV adoption in public transport

** Govt plans to expand EV ecosystem by supporting manufacturing and charging infrastructure

** TAMO, JBMA and OLEC up between 13% and 35% YTD, while ASOK down 3.8%

(Reporting by Rama Venkat in Bengaluru)

(([email protected]; https://twitter.com/ramavenkat0607;))

Jan 30 (Reuters) - JBM Auto Ltd JBMA.NS:

• RE-APPOINTED NISHANT ARYA AS MANAGING DIRECTOR

• DEC-QUARTER CONSOL NET PROFIT 486.6 MILLION RUPEES VERSUS PROFIT 343.3 MILLION RUPEES

• DEC-QUARTER CONSOL REVENUE FROM OPERATIONS 13.46 BILLION RUPEES VERSUS 9.53 BILLION RUPEES

Source text for Eikon: ID:nNSEb06vXp

Further company coverage: JBMA.NS

(([email protected];))

** Shares of JBM Auto JBMA.NS, Olectra Greentech OLEC.NS, Tata Motors TAMO.NS and Ashok Leyland ASOK.NS rise between 0.3%-3%

** Indian government plans to set up funds with an outlay of up to 300 bln rupees ($3.61 bln) to boost electric bus mobility- CNBC-TV 18 reports

** India aims to deploy 50,000 e-buses over next 4-5 years at ~$12 bln cost

** Olectra, Tata Motors up ~3% and ~0.8% to new record highs

** Analysts' average rating on TAMO and ASOK are equivalent of "buy;" JBMA and OLEC are not yet rated - LSEG data

** Median PTs on TAMO and ASOK at 3.6% discount and ~14% premium to last close, respectively

** With YTD gains of 184%, JBMA top performer among e-bus makers; ASOK's yearly gains of 26% among smallest in Nifty Auto index .NIFTYAUTO, which is up 48%

($1 = 83.0240 Indian rupees)

(Reporting by Manvi Pant in Bengaluru)

(([email protected]; +918447554364;))

** Shares of electric bus makers Tata Motors TAMO.NS, Olectra Greentech OLEC.NS, JBM Auto JBMA.NS and Ashok Leyland ASOK.NS rise between 2% and 8.7%

** Indian govt plans to replace 800,000 diesel buses with e-buses over next 7 years - Economic Times report, citing govt sources

** Ministry of Heavy Industries, abovementioned cos did not immediately respond to Reuters' request for comment

** JBMA up 2%, ASOK – which makes e-buses via its unit Switch – jumps 4%; TAMO surges 6.5% to record high, OLEC soars 8.7%

** India currently aims to deploy 50,000 e-buses over next 4-5 yrs at ~$12 bln cost

** With YTD gains of 184%, JBMA top performer among e-bus makers; ASOK's yearly gains of 26% among smallest in Nifty Auto index .NIFTYAUTO, which is up 48%

(Reporting by Nandan Mandayam in Bengaluru)

(([email protected]; Mobile: +91 9591011727;))

NEW DELHI, Sept 20 (Reuters) - The United States and India will collaborate on a project to deploy 10,000 made-in-India electric buses in Indian cities, the U.S. embassy said in a statement on Wednesday.

A key component of the project will be a new payment security mechanism that will "accelerate new and more sustainable investments by lowering financial risks," the embassy said.

"The partnership announced today will mobilize financing for a fleet of 10,000 electric buses throughout India, expanding options for electric public transportation in India, creating cleaner cities and healthier communities," U.S. Ambassador to India Eric Garcetti said.

(Reporting by Shivam Patel; editing by Christina Fincher)

(([email protected];))

NEW DELHI, Aug 16 (Reuters) - The Indian government on Wednesday approved a scheme that will deploy 10,000 electric buses in 169 cities at an estimated cost of nearly 580 billion rupees ($6.97 billion).

($1 = 83.2554 Indian rupees)

(Reporting by Blassy Boben;Editing by Dhanya Ann Thoppil)

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July 31 (Reuters) - JBM Auto Ltd JBMA.NS:

• INDIA'S JBM AUTO JUNE-QUARTER CONSOL NET PROFIT 301.8 MILLION RUPEES VERSUS 258.1 MILLION RUPEES

• JBM AUTO JUNE-QUARTER CONSOL REVENUE FROM OPERATIONS 9.46 BILLION RUPEES VERSUS 8.65 BILLION RUPEES

• JBM AUTO LTD- APPROVED PROPOSAL FOR ISSUANCE OF SECURITIES UPTO 5 BILLION RUPEES

• JBM AUTO LTD - APPROVED PROPOSAL FOR ISSUANCE OF SECURITIES UP TO 5 BILLION RUPEES

Source text for Eikon: ID:nNSE1XTVvB

Further company coverage: JBMA.NS

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July 21 (Reuters) - Power Finance Corporation Ltd PWFC.NS:

• SIGNS MOU WORTH 2.37 TRLN RUPEES WITH 20 (NOT 19) COMPANIES IN CLEAN ENERGY SPACE

• SIGNS MOU WITH 20 (NOT 19) COMPANIES IN CLEAN ENERGY SPACE

• ADANI, GREENCO, JBM AUTO, RENEW POWER AMONG COS PFC SIGNED MOU WITH

Further company coverage: PWFC.NS

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July 20 (Reuters) - JBM Auto Ltd JBMA.NS:

• TO CONSIDER PROPOSAL FOR ISSUE OF SECURITIES

Source text for Eikon: ID:nBSE5SHGrT

Further company coverage: JBMA.NS

(([email protected];))

** Shares of JBM Auto JBMA.NS rise as much as 17% to 1,539.6 rupees, a record high

** Stock's steepest intraday pct climb since Nov. 16, 2021

** Co on Thursday said it won orders for ~5,000 electric buses to be supplied to various State Transmission Utilities (STU) and other cos

** Over 462,000 shares change hands as of 9:17 a.m. IST, 0.3x the 30-day moving average

** Stock up 155% YTD, as of last close

(Reporting by Varun Vyas in Bengaluru)

(([email protected]))

July 13 (Reuters) - JBM Auto Ltd JBMA.NS:

• CO AND ITS SUBSIDIARIES WON ORDERS FOR ABOUT 5000 ELECTRIC BUSES FOR SUPPLYING TO VARIOUS STUS

Source text for Eikon: ID:nNSE7Wlvzb

Further company coverage: JBMA.NS

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JBM Auto Ltd JBMA.NS:

• JBM AUTO LTD- JBM ELECTRIC VEHICLES HAS BECOME A UNIT OF CO

Source text for Eikon: ID:nNSE1BSL1w

Further company coverage: JBMA.NS

** Shares of Olectra Greentech Ltd OLEC.NS jumps 9.5% to a record high of 1,143.90 rupees

** Olectra and Evey Trans gets letter of intent from Maharashtra state transport body for 5,150 electric buses and associated EV infrastructure

** Order worth ~100 bln rupees ($1.2 bln) for OLEC

** Over 5.4 mln shares change hands by 1:03 p.m. IST

** OLEC last up ~9%, taking YTD gains to nearly 130%

** However, rival JBM Auto JBMA.NS has surged 160% YTD

($1 = 82.7130 Indian rupees)

(Reporting by Nandan Mandayam in Bengaluru)

(([email protected]; Mobile: +91 9591011727;))

BENGALURU, June 16 (Reuters) - India's JBM Auto JBMA.NS is the leading contender to acquire a controlling stake in India-based automaker SML Isuzu SMLI.NS, CNBC-TV18 reported on Friday, citing sources.

(Reporting by Hritam Mukherjee in Bengaluru; Editing by Savio D'Souza)

(([email protected]; Twitter: @MukherjeeHritam;))

May 10 (Reuters) - JBM Auto Ltd JBMA.NS:

• MARCH-QUARTER CONSOL NET PROFIT 280.7 MILLION RUPEES VERSUS 856.3 MILLION RUPEES

• MARCH-QUARTER CONSOL REVENUE FROM OPERATIONS 10.10 BILLION RUPEES VERSUS 10.72 BILLION RUPEES

• DIVIDEND OF 1.30 RUPEES PER SHARE

Further company coverage: JBMA.NS

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By Aditi Shah and Sarita Chaganti Singh

NEW DELHI, April 21 (Reuters) - India's large bus makers including Tata Motors TAMO.NS, JBM Auto JBMA.NS and PMI Electro have not bid for the latest government contract to supply nearly 5,000 electric buses because they fear not getting paid on time, three sources told Reuters.

Some companies have also stayed away because of new labour clauses in the tender documents, an industry source and a government official said, slowing India's efforts to curb vehicular pollution by electrifying its public transport.

Prime Minister Narendra Modi's government wants to deploy 50,000 electric buses countrywide over the next few years which is estimated to cost $12 billion. To do this, it is aggregating demand from state governments and issuing contracts or tenders which companies bid for.

In the first two tenders for about 11,000 electric buses the government received bids from major bus makers including Tata, JBM, Ashok Leyland ASOK.NS, PMI Electro and Olectra Greentech OLEC.NS, which has partnered with China's BYD 002594.SZ.

While there have been no payment issues so far, the state transport corporations have previously delayed payments to bus makers when procuring combustion engine vehicles, the industry sources said.

The third tender for 4,675 buses opened in January and closed this week but got bids from only one Indian EV startup - Eka Mobility owned Pune-based Pinnacle Industries, industry and government officials said.

Payments are typically made over a 12-year period and given the poor state of state transport corporations' finances, this is a big risk, said one of the industry executives involved in the process.

"Until there is some kind of guarantee or mechanism in place it will be difficult to participate," the person added.

Tata Motors, JBM Auto, PMI Electro and Eka Mobility did not respond to e-mails seeking comment.

State-run Convergence Energy Services Ltd (CESL), which issues the tenders, also did not respond to a request for comment.

In addition to the finances, another problem in the latest tender was a "dry lease" under which the companies provide buses to the state transport corporations and the bus drivers and conductors are deployed by the state, the company officials said. In earlier contracts, the companies provided the staff as well.

"Drivers and conductors are considered as important an asset as the bus and in the case of a dry lease contract, we have no control over the asset," one company official said.

"Whether the driver would maintain the bus properly is a great risk," the official added.

Most Indian state transport corporations are in poor financial health because they are often forced to keep fares low while being over-staffed. The corporations are controlled by strong trade unions that resist privatisation and layoffs.

Indian banks are also reluctant to lend to electric-bus makers for government tenders over concerns on recovery of dues.

CESL has begun consultations with the e-bus makers to iron out problems and has extended the timeline for them to submit bids till month-end, the government official said.

(Reporting by Sarita Chaganti Singh and Aditi Shah)

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