Shares of the automobile manufacturers JBM Auto and Olectra Greentech hit 52-week high on Friday after the Maharashtra government’s announced its intention of ramping up EVs in state transportation.

What Happened: The Maharashtra government on Thursday presented its budget for FY24. During the budget speech, Maharashtra’s Finance Minister Devendra Fadnavis announced that the state will look to increase its state transportation EV fleet by 5,000.

The announcement came in the late hours of trading on Thursday and shares of the company shot up as the news started making headlines.

See Also: Why Tata Motors Shares Are Up Today

Today both JBM Auto and Olectra Greentech continued the run and hit 52-week highs. Shares of JBM Auto jumped over 7% to hit its 52-week high of ₹673 in the early hours of trading on Friday. Olectra Greentech also saw its shares surge over 10% at market open to hit its 52-week high of ₹743.50. Shares of Olectra have jumped close to 70% in just the last three weeks.

However, shares of both EV manufacturers simmered down after the massive surge in the morning.

Price Action: Olecrtra Greentech shares were up 6.05% to trade at ₹712.50 in the late hours of trading on Friday. JBM Auto Shares traded 3.52% higher at ₹649.45.

Read Next: Tata Motors Shares Jump As Company Said To Plan ₹8,000-Cr Funding Through EV Division