Many big decisions were taken in the cabinet meeting of the government led by Prime Minister Narendra Modi on Wednesday. While it was announced to include senior citizens above 70 years of age in the government scheme Ayushman Bharat Yojna, the cabinet approved the PM E-Drive Scheme with the aim of promoting electric mobility. The government will spend a huge amount of Rs 10,900 crore on this scheme. After the government’s announcement, the shares of electric vehicle companies were seen soaring as soon as the market opened on Thursday.
What is PM E-Drive Scheme?
First of all, let us tell you about the PM E-DRIVE scheme, which has seen a rise in EV stocks as soon as it was approved. So the government has taken a big decision to promote electric vehicles in the country. Under this scheme, to promote electric mobility in the country, the government will give a subsidy of Rs 3,679 crore to e-two-wheelers, e-three-wheelers, e-ambulances, e-trucks and other emerging electric vehicles. The scheme will support 24.79 lakh e-two-wheelers, 3.16 lakh e-three-wheelers and 14,028 e-buses. Under the scheme, 100% assistance will be given for charging infrastructure at 88,500 locations.
EV shares ran as soon as the market opened
In the meeting of the Union Cabinet on Wednesday, the approval of this scheme was announced and a plan of Rs 10,900 crore was announced, so its effect was seen in the form of a rise in the shares of companies related to the manufacturing of electric vehicles (EV Share Rise) during trading in the stock market on Thursday. Among these, multibagger EV shares JBM Auto and Olectra Greentech saw a strong rise.
JBM Auto shares cross ₹ 2000
On Thursday, the stock of electric vehicle segment company JBM Auto (JBM Auto Stock Rise) made a strong start. The stock of the company with a market capitalization of Rs 2369 crore opened at Rs 1949.90 and within a few minutes it rose by more than 5 percent to reach Rs 2093.70. However, by the time the market closed, its pace slowed down a bit, despite this it closed at Rs 1988 with a gain of 3.21 percent. This multibagger EV stock has given investors a strong return of 3042 percent in the last five years. On September 13, 2019, it was Rs 63.92 and in five years the price has increased by Rs 1941.
Olectra Greentech stock also ran
Shares of electric bus manufacturing company Olectra Greentech also saw a rise on Thursday. After the government’s big announcement to promote EV Mobility, the stock opened at Rs 1650 and rose by more than 2 percent to reach the level of Rs 1699. However, when the stock market closed, it closed at Rs 1633. The market cap of this company is Rs 13380 crore. In five years, it has proved to be a multibagger stock for its investors and has given a return of 752 percent. In these 5 years, the share price has jumped by Rs 1435.90.
(Note- Before making any investment in the stock market, please consult your market experts.)
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