Shares of Olectra Greentech surged nearly 8% after the opening bell on Tuesday, March 24 as the government said in Parliament that it plans to deploy 10,000 air-conditioned electric buses by 2030.
At around 9:48 am on Tuesday, Olectra Greentech’s share price rose 7.86% to Rs 1,104.45 on NSE.
Olectra Greentech is a manufacturer of electric buses and is a key in the electric mobility sector. On Monday, the government told the Rajya Sabha that 10,000 air-conditioned e-buses would be provided to 116 cities across 26 states/UTs by the end of 2027 under the PM-eBus Sewa Scheme, and a new scheme would be launched thereafter to provide another 35,000 e-buses.
In a reply to a supplementary question during Question Hour, Minister of Housing and Urban Affairs Manohar Lal said Prime Minister Narendra Modi had on August 16, 2023, announced that the PM e-Bus Sewa scheme to provide mobility in smaller cities and tackle rising pollution.
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As the states were not able to provide adequate finance for e-buses, the target of a total 10,000 buses was under the PM e-Bus Sewa scheme for towns with a population between 3 lakh and 40 lakh, he said.
“Out of 178 cities eligible, 116 cities participated, and they were allotted buses accordingly. Only four cities qualified under the scheme in Bihar, where 400 buses have been sanctioned. While 150 buses have been sanctioned for Patna, 50 buses each have been sanctioned for the cities of Bhagalpur, Darbhanga, Gaya, Muzaffarpur and Purnea,” PTI quoted the Minister’s statement.
“The second scheme of 35,000 more buses will come soon, and cities have to apply under the scheme accordingly. We want to provide the benefit of this scheme to more and more cities and help states, as this also helps reduce pollution,” he added.
Last month, the tranche of 225 buses was delivered, tenders have been chosen, and agreements for 6,500 buses have been done, while more buses will be delivered to states as soon as agreements are finalised.
“The first tranche of 10,000 buses under the scheme will be completed by the end of 2027, and after that, the next scheme will be started. The impact of this scheme would help in saving money and time for people and improve the environment,” Manohar Lal said.
According to him, the travel experience is expected to improve, and a Sahaj ticket and a national common mobility card would also be introduced, which can be used in other modes of transport, including these e-buses. This infrastructure is being introduced to help tier-2 and tier-3 cities, he added.
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