NS Maharashtra Environment Minister Aaditya Thackeray It has said that the entire fleet of Brihanmumbai Electric Supply and Transport (BEST) will be electric by 2028. The Maharashtra minister, who is holding an additional portfolio of guardian minister of the Mumbai suburban district, announced that the entire BEST buses would either run on electricity. For a given time frame on electric or hydrogen fuel energy cells.
Aaditya Thackeray tweeted about this decision of the Maharashtra government with respect to BEST and said, “@myBESTBus currently has 386 EV buses and we are looking at 1900 EV buses and 200 double-decker buses, which will be between 2023 and 100 Converting 50% of the fleet to electric by 2028. @WRICitiesIndia and GiZ will optimize a seamless transition for the consumer and last-mile connectivity for BEST.”
Following this announcement, stock market experts are very excited about the three auto stocks – Tata Motors, Olectra Greentech and JBM Auto. He said that the replacement of BEST double decker buses with electrical or hydrogen fueled business would create huge business for these three auto companies. He advised investors to buy these shares in the hope of short-term sentimental gains for long-term investment gains for the shareholders of these auto companies.
Speaking on the impact of this decision of the Government of Maharashtra; Avinash Gorakshakar, Head of Research, Profitmart Securities, said, “After this announcement, there will be huge business opportunities for electric vehicle manufacturers. Since, electric buses will also require charging stations, companies like Tata Power will also benefit from this. “In my opinion, the stocks that will be in focus due to this decision of the Government of Maharashtra will be Tata Motors, Olectra Greentech and JBM Auto.”
The shares which can be bought after this decision of the Government of Maharashtra; Sumeet Bagdia, Executive Director, Choice Broking said, “Anyone can buy and hold Tata Motors shares on CMP. ₹400 target to maintain stop loss ₹330. Olectra Greentech shares can be bought on CMP with short term target of ₹from 500 ₹Maintaining a stop loss at 530 ₹450. Similarly, an investor can buy JBM Auto shares on CMP ₹from 580 ₹Keeping stop loss at 600 target ₹525.”
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
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