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<ul><li>Companies manufacturing electric buses including Ashok Leyland, JBM Auto, Olectra Greentech have gained a lot of momentum with the government’s plan towards reducing carbon emissions.</li><li>Shares of these companies have skyrocketed up to 830% in the last one year as investors spot emerging opportunities in the electric vehicle businesses.</li><li>The latest development in the EV space is a $1 billion investment in automaker Tata Motors by private equity firm TPG.</li></ul>As India moves towards its plan to reduce carbon emissions, companies that are into electric vehicle (EV) manufacturing are becoming the front runners in the zero carbon race. Even investment firms are shifting some of their funds towards companies aiding the government to tackle the climate crisis and make a smooth transition towards electric vehicles. The latest development in this regard is the <a href="https://www.businessinsider.in/business/auto/news/tata-motors-gets-a-billion-dollar-investment-from-tpg-group/articleshow/86966522.cms">$1 billion investment</a> in automaker Tata Motors by private equity firm TPG. Moreover, state governments are inviting tenders to buy electric buses for public transport facilities. This gives a strong order push to companies manufacturing electric buses like Ashok Leyland, JBM Auto, Olectra Greentech, Tata Motors and Eicher Motors. Shares of these companies have skyrocketed up to 830% in the last one year as investors spot emerging opportunities in the electric vehicle space. While India is among the world's most polluted cities, the government has been pushing automakers to switch to EVs to promote clean air and reduce costly oil imports. Recently, Maharashtra environment minister Aaditya Thackeray <a href="https://twitter.com/AUThackeray/status/1447139828936499207?ref_src=twsrc%5Etfw">announced </a>that Mumbai’s entire public transport buses will go electric by 2028. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[ ]]></cdata></div> Public buses getting replaced by <keyword id="1310333" type="General" weightage="20" keywordseo="electric-bus" source="Orion">electric bus</keyword>es bring a huge opportunity for these few electric bus makers in the country. Under its EV Policy 2021, the Maharashtra government has embarked on a vision to electrify public transport in Mumbai and other cities including Pune, Nagpur, Nashik, Aurangabad and Amravati. Meanwhile, the Karnataka government is all set to acquire 1,500 electric buses in the next three years. Ashok Leyland <div type="image" title="ashok leyland" height="900" width="1200" msid="87021886" hostid="261"></div> The company manufactures automobiles, commercial vehicles, and engines. In 2016, Ashok Leyland debuted its first electric bus. Recently, Ashok Leyland won the Bangalore Metropolitan Transport Corporation tender for 300 non-air conditioned electric buses. JBM Auto <div type="image" title="JBM auto chart" height="900" width="1200" msid="87021904" hostid="261"></div> The Gurugram-based automaker was founded in 1996 with JBM Auto being the flagship company of JBM Group. The company has diversified into bus manufacturing with an aim to become a globally benchmarked producer of modern intra-city buses. Last month, the company received orders for 500 electric buses and some compressed natural gas (CNG) buses from Delhi, Bengaluru and Uttar Pradesh along with other corporate clients. Besides, it will also be supplying electric buses for Bengaluru Metropolitan Transport Corporation (BMTC). Olectra Greentech <div type="image" title="olectra greentech" height="900" width="1200" msid="87021947" hostid="261"></div> The Hyderabad-based electric bus and insulator manufacturing company Olectra Greentech is among the leading players in the space. The company has a healthy order book for 1,325 e-buses out of which 87 buses are already delivered. It made a profit of ₹5.65 crore in the June quarter compared to ₹3.26 crore loss in the same quarter last year. Besides, the company’s stock has created immense wealth for investors in the last one year as it surged over 800%. Tata Motors <div type="image" title="tata motors chart 2" height="900" width="1200" msid="87021969" hostid="261"></div> Tata Motors seems to be ahead of everyone with its latest $1 billion investment from US based private equity TPG for electric vehicle business. In August, the company delivered 35 Starbus electric buses, as a part of the larger order of 340 electric buses to Maharashtra’s transport department. Eicher Motors <div type="image" title="eicher motor" height="900" width="1200" msid="87021986" hostid="261"></div> In 2008, Eicher Motors collaborated with Volvo Group for selling trucks and buses under company name VE Commercial Vehicles. The company debuted with an EV bus named “Skyline Pro” in 2018. Since then, the company has been actively participating in tenders floated by various state transport undertakings and other government agencies. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/nykaa-gets-sebis-approval-for-4000-crore-ipo/articleshow/87019734.cms">Nykaa gets SEBI’s approval for its ₹4,000 crore IPO; raises fresh issue size by over ₹100 crore</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/zee-invesco-saga-punit-goenka-speaks-up-for-the-first-time-asks-if-corporate-governance-doesnt-apply-to-institutional-investors/articleshow/87019547.cms">Zee-Invesco saga: Punit Goenka speaks up for the first time, asks if corporate governance doesn’t apply to institutional investors</a>

Electric bus makers on a roll as states like Maharashtra and Karnataka send in large orders

New Delhi, People have reposed their faith in "<keyword id="19699064" type="General" weightage="20" keywordseo="modis-guarantees" source="Orion">Modi's guarantees</keyword>," BJP leaders chimed together on Sunday as the party appeared set on the path of victory in Rajasthan, Madhya Pradesh, and Chhattisgarh assembly elections. "The election results show people accept Prime Minister Narendra Modi's guarantee of delivering on guarantees," BJP leader and Union Minister Pralhad Joshi said here. Joshi, who was BJP's election-in-charge for Rajasthan, took a dig at the Congress and promises it made in the run up to the elections. "People have blessed BJP in three states, endorsed Prime Minister Modi's leadership and rejected Congress' false promises," Joshi said. Former Chhattisgarh Chief Minister and BJP leader Raman Singh said in Raipur,"People have reposed their trust in Modi's guarantees." Singh said the people have voted in the name of Modi and for his work over the past nine-and-half years. Madhya Pradesh Chief Minister Shivraj Singh Chouhan -- who is looking at his fifth term -- gave Modi's aggressive campaign ahead of the assembly election the credit for the party's performance. "Our Prime Minister Narendra Modi ji is in the hearts of the people of Madhya Pradesh. The state is also in the heart of Modi ji. There is immense faith towards him. He held public meetings here and appealed to the people which has touched the people's hearts," Chouhan said in Bhopal. Former Rajasthan Chief Minister Vasundhara Raje said it was Modi's belief in taking everyone together that worked for the party. "This victory is of the mantra of 'Sabka saath, sabka vishwas and sabka prayaas' given by Prime Minister Modi. It is the victory of the guarantee given by the Prime Minister. It is also the victory of the strategy given by Amit Shah and the able leadership provided by Nadda ji," she said. "Most importantly, it is a victory for our party workers," Uttar Pradesh Chief Minister Yogi Adityanath hailed the party's victory as a result of guidance of PM Modi. "Under the leadership and guidance of respected Prime Minister Shri @narendramodi ji, BJP's hattrick of huge majority in terms election results in three of the four states, is a 'guarantee of people's trust' on the 'guarantee of Modi,'" he wrote on X. Union Information and Broadcasting Minister Anurag Thakur said the victory was an indicator of what is to come in 2024. "The Ghamandiya alliance's arrogance has been shattered. The INDI alliance has neither leaders, nor policy... For 2024, the indication is clear, the world has faith in India and India's leadership. If India progresses, the world will progress," Thakur said. In Chhattisgarh, the BJP manifesto -- 'Modi ki Guarantee 2023' -- promised cooking gas cylinders at Rs 500 to poor families, one lakh government jobs, and a Rs 12,000 annual financial assistance to married women. The BJP had also promised to procure paddy at Rs 3,100 per quintal and an annual assistance of Rs 10,000 to land less farm labourers. Free food grain, income assistance for farmers, housing for all, 100 per cent electrification of villages, and tap water to every home, were listed by the party as some of Modi's guarantees. "All promises made to you will be fulfilled. This is my guarantee," Modi had said addressing a rally in MP last month. During several of rallies he took a dig at the Congress for its set of promises. "Those who do not have any guarantee about themselves are offering guarantees to the people," Modi had said at a rally in MP. "Modi's guarantees begin from where hope from others ends. That is why Modi's guarantees are popular," the prime minister had said on the campaign trail. In Jaipur, Union Minister Gajendra Singh Shekhawat took a jibe at Rajasthan Chief Minister Ashok Gehlot, saying people have come out of the spell of the "magician." "The 'magic' has ended and Rajasthan has come out of the spell of the magician. People have voted for the honour of women and for the welfare of the poor," he said. Gehlot was born into a family of magicians and assisted his father during his tours. Congress had unleashed the politics of guarantee during Karnataka assembly elections in May, making five distinct promises to the electorate - monthly cash assistance to women head of families, 200 units of free electricity, unemployment allowance to youth, free food grains, and free travel for women on state transport buses. The party tried to replicate the template in Madhya Pradesh, Chhattisgarh, Telangana and Rajasthan. Modi turned on the heat on the Congress by projecting himself as a leader who has delivered on the promises made by him to help the common man meet his aspirations. "Modi Yaani Har Guarantee Poori Hone Ki Guarantee (Modi means the guarantee to fulfill every guarantee)," the prime minister had said in an article last week. "'Modi Ki Guarantee' denotes Prime Minister Narendra Modi's commitment to the aspirations of the common man. It echoes the resolution of his government to serve the last man standing. It allows us to witness a political phenomenon, hitherto missing, where promises carry meaning and are executed meaningfully," he had said. Jammu and Kashmir BJP chief Ravinder Raina said, "Today, the Congress headquarters in MP, Rajasthan and Chhattisgarh are wearing a deserted look. The Congress and National Conference will face the same fate during assembly polls in J-K." The race amongst political parties to offer freebies to the voters triggered a debate on burden on the state exchequer.

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Electric bus makers on a roll as states like Maharashtra and Karnataka send in large orders

Bhakti Makwana

Victory of Modi's guarantees, say BJP leaders as party sweeps states states

PTI

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