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Dynamic Levels
JBM Auto (Buy)
CMP: ₹230.20
Target: ₹280
JBM Auto, established in 1996, is the flagship company of the $1.35 billion diversified JBM Group. The automotive company manufactures key auto systems and city buses. The company, over the last two decades, has focused on technological excellence and is supplying products to almost all major OEMs in India. JBM Auto aims to be a pioneer in initiatives related to sustainable transportation solutions aiding towards passenger comfort and safety.
We are positive on the stock for the following reasons: a) Production of CNG variant of ‘Citylife’ has started; b) Product validation process for ‘CITYLIFE’ CNG has been successfully accomplished; c) Unveiled ‘ECOLIFE’, India’s 100 per cent electric bus at the Auto Expo 2016; d) Launched ‘CITYLIFE’ Diesel variant at the Auto Expo 2016; e) Started new manufacturing plant in Sanand (Gujarat) & Indore (Madhya Pradesh) with investment of ₹300 crore, for manufacturing auto components to primarily cater to Ford and other customers.
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