Delhi Budget: Why These EV Stocks Are Surging Today

Shares of JBM Auto and Olectra Greentech were surging on the bourses after the Delhi Budget announced inducting of hundreds of new EV buses to the city’s fleet.

What Happened: The budget for India’s capital region is being presented by Delhi Government’s Finance Minister Kailash Gahlot today. During his budget speech, Gahlot announced that the government will be inducting 1,600 new EV buses by the end of 2023.

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Shares of both JBM Auto and Olectra Greentech have surged close to 5% today. Earlier in the month, shares of the two companies hit 52-week highs as the Maharastra budget announced increasing the public transportation EV fleet by 5,000 buses.

Shares of the companies have had a great past month at the bourses. JBM Auto shares have jumped over 15% in the past month, whereas shares of Olectra Greentech surged a massive 71% in the past one month.

Price Action: JBM Auto shares were up 4.72% to trade at ₹649.50. Olectra Greentech saw its shares surge 4.84% to trade at ₹658.90 in the afternoon hours of trading on Wednesday.