Shares of electric vehicle makers rose after a senior official said the government may launch an electric bus procurement scheme in January.
The government plans to place orders for 10,000 electric buses over 15 months and procure 50,000 electric three-wheelers by November, Ashok Jhunjhunwala, principal adviser to the minister of power and new & renewable energy, told BloombergQuint at the annual convention of the Society of Indian Automobile Manufacturers in New Delhi.
Shares of electric three-wheeler maker OK Play India Ltd. rose as much as 17 percent, while electric bus manufacturer JBM Auto Ltd. gained 6.7 percent.
JSW Energy Ltd., which plans to launch its first electric car by 2020, jumped 10 percent. Battery maker Exide Industries Ltd., which makes batteries for small electric vehicles, rose 6 percent.
Source: bloombergquint
