JBM Auto has incorporated a wholly-owned subsidiary company "JBM Ecolife Mobility Private Limited”. The Ministry of Corporate Affairs (“MCA”) has approved the same on Wednesday.
At around 3.25 pm, JBM Auto was trading at Rs311.85 per piece above Rs24.35 or 8.47% on Sensex.
In early trade, JBM Auto has clocked a 52-week high of Rs323 per piece, resulting in over 12% gain so far today.
JBM Auto said, "The incorporation of JBM Ecolife Mobility Private Limited will leverage the growth opportunities in the evolving E-mobility/ Electric Vehicles Segment including e-buses etc. and will help the Company in becoming more agile and customer-focused."
The subsidiary belongs to the automotive sector and is yet to commence its business operations.