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Business Standard
28-05-2025
- Automotive
- Business Standard
Jupiter Wagons shares jump 5% as unit signs MoU with Pickkup; details here
Shares of Jupiter Wagons rose nearly 5 per cent after its unit announced a partnership with Pickkup, focused on sustainable intra-city and intercity deliveries. Jupiter Wagons' stock rose as much as 4.71 per cent during the day to ₹419.4 per share, the best intraday gain since May 16 this year. The stock pared gains to trade 2.6 per cent higher at ₹411 apiece, compared to a 0.17 per cent decline in Nifty50 as of 10:51 AM. Shares of the company have risen nearly 25 per cent from their recent lows of ₹327, which it hit earlier this month. The counter has risen by 17.8 per cent this year, compared to a 4.7 per cent advance in the benchmark Nifty50. Jupiter Wagons has a total market capitalisation of ₹17,446.87 crore. Jupiter Wagons partnership with Pickkup Jupiter Electric Mobility, the electric vehicle division of Jupiter Wagons, announced a partnership with Pickkup, a Delhi-based logistics platform focused on sustainable intra-city and intercity deliveries. The two companies have signed a Memorandum of Understanding (MoU) to deploy 300 units of JEM TEZ, JEM's flagship electric light commercial vehicle, into Pickkup's expanding electric vehicle (EV) fleet by the end of this year. This collaboration aligns closely with India's clean mobility ambitions and supports the Government of India's PM e-DRIVE scheme, which promotes the adoption of electric vehicles across various sectors, it said in the exchange filing on Tuesday. The partnership began with the successful delivery of the first batch of JEM TEZ vehicles. These units were rigorously tested through pilot runs that demonstrated their high performance and operational reliability. According to the statement, the EVs delivered a range exceeding 190 km per charge and, in some cases, reached up to 220 km. 'Our mission at Jupiter Electric Mobility is to empower logistics providers with next-generation electric vehicles that deliver on performance, sustainability, and profitability. Our alliance with Pickkup is a strategic step toward accelerating India's transition to clean mobility, particularly in the logistics sector,' Vivek Lohia, Managing Director of Jupiter Group, said in teh statement. "This partnership represents a crucial milestone in our journey toward a cleaner and smarter transport future.' About Jupiter Wagons The company provides mobility solutions, with diverse offerings across freight wagons, locomotives, commercial vehicles, ISO marine containers, and products such as couplers, draft gears, bogies, CMS crossings, brake discs, brake systems, wheels, axles, and wheel sets. The company has manufacturing facilities located in Kolkata, Jamshedpur, Indore, Jabalpur, and Aurangabad with full backwards integration to its foundry operations. It caters to industries such as railways, automobiles, transportation, logistics, construction equipment, municipalities, healthcare, energy, mining, and infrastructure. The company has a marquee client base, including the Indian Railways, American Railroads, Indian Ministry of Defence, BEML, Alstom, Tata Motors, GE, and Volvo Eicher Motors. ALSO READ:
Business Standard
28-05-2025
- Automotive
- Business Standard
Jupiter Electric Mobility collaborates with Pickkup
For collaboration on deployment of 300 units of JEM TEZ in Pickkup's EV fleet Jupiter Electric Mobility (JEM), the electric vehicle arm of Jupiter Wagons, signed an MOU with Pickkup, a fast-growing Delhi-based logistics platform specialising in sustainable intra-city and intercity deliveries. Congruent with India's vision for clean mobility and committed to the Government of India's PM e-DRIVE scheme, the tie-up signifies a strategic leap towards promoting electric vehicle usage in the logistics industry. The partnership aims to deploy 300 units of JEM TEZ, JEM's top-of-the-line electric light commercial vehicle, in Pickkup's growing EV fleet by the end of this year. The collaboration kicks off with the successful delivery of the first batch of JEM TEZ vehicles under the MoU, following extensive pilot runs that showcased the exceptional capability of delivering real-world performance, range reliability, and operational efficiency across both intra-city and inter-city routes. The vehicles exhibited a consistent range of more than 190 km, reaching up to 220 km in a single charge across varying operating conditions ranging from heavy urban roads to intercity corridors such as Delhi to Chandigarh.
Time of India
26-05-2025
- Business
- Time of India
Metros' snub may force e-bus sops shift to intracity service
With three metros opting out of the PM e-DRIVE scheme , the Centre may subsidise nearly 4,000 electric buses (e-buses) for use on interstate or intracity routes, a senior official said. The heavy industries ministry received requests for around 10,900 e-buses under PM e-DRIVE, lower than the target of 14,028 e-buses. These buses are meant for large cities to improve their internal public transportation networks. "Chennai, Mumbai, and Kolkata have refused to participate for their own reasons," the official told ET, adding that the remaining around 4,000 buses can be considered for intercity, or interstate uses if the Centre doesn't get additional demand from more cities. Both Chennai and Mumbai are said to be planning their own e-bus procurement schemes. Also, the West Bengal government is said to have refused PM e-DRIVE e-buses since it is yet to receive units promised under earlier schemes. While the Delhi government's request has been received, its wait for around 2,800 new e-buses may get a little longer with the state yet to fully comply with PM e-DRIVE scheme norms. The state needs to create a direct debit mandate (DDM) with the Reserve Bank of India (RBI), which would allow the Centre to recover dues if case of delay in payments to e-bus suppliers. A DDM ensures the Centre is able to pay e-bus suppliers if states or their transport utilities delay releasing funds. Irregular payments had spooked e-buses suppliers, leading to a tepid response in earlier tenders. Under the PM e-DRIVE scheme, the Centre procures e-buses on behalf of states, who then make payments to suppliers. "Delhi government has started the process of creating an account with the RBI for facilitating the DDM. They will get e-buses after complying with these norms," the official said. The heavy industries ministry has allocated around 4,500 e-buses for Bengaluru, 2,000 to Hyderabad, 2,800 to Delhi, 1,000 to Ahmedabad, and 600 to Surat under the current phase of the PM e-Drive scheme. Bids for these 10,900 e-buses are expected to be called by the Convergence Energy Services Ltd (CESL), a central government-controlled entity, in a few weeks. The Centre has earmarked ₹ 10,900 crore over a two-year period through March 2026 for deploying e-buses in urban areas.
Economic Times
25-05-2025
- Automotive
- Economic Times
Metros' snub may force e-bus sops shift to intracity service
The Centre is considering subsidizing nearly 4,000 electric buses for interstate or intracity routes after Chennai, Mumbai, and Kolkata opted out of the PM e-DRIVE scheme. While Delhi awaits 2,800 e-buses pending compliance with scheme norms, the heavy industries ministry has allocated buses to Bengaluru, Hyderabad, Ahmedabad, and Surat. Bids for 10,900 e-buses are expected soon. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads With three metros opting out of the PM e-DRIVE scheme , the Centre may subsidise nearly 4,000 electric buses (e-buses) for use on interstate or intracity routes, a senior official heavy industries ministry received requests for around 10,900 e-buses under PM e-DRIVE, lower than the target of 14,028 e-buses. These buses are meant for large cities to improve their internal public transportation networks."Chennai, Mumbai, and Kolkata have refused to participate for their own reasons," the official told ET, adding that the remaining around 4,000 buses can be considered for intercity, or interstate uses if the Centre doesn't get additional demand from more Chennai and Mumbai are said to be planning their own e-bus procurement schemes. Also, the West Bengal government is said to have refused PM e-DRIVE e-buses since it is yet to receive units promised under earlier the Delhi government's request has been received, its wait for around 2,800 new e-buses may get a little longer with the state yet to fully comply with PM e-DRIVE scheme norms. The state needs to create a direct debit mandate (DDM) with the Reserve Bank of India (RBI), which would allow the Centre to recover dues if case of delay in payments to e-bus suppliers.A DDM ensures the Centre is able to pay e-bus suppliers if states or their transport utilities delay releasing funds. Irregular payments had spooked e-buses suppliers, leading to a tepid response in earlier tenders. Under the PM e-DRIVE scheme, the Centre procures e-buses on behalf of states, who then make payments to suppliers."Delhi government has started the process of creating an account with the RBI for facilitating the DDM. They will get e-buses after complying with these norms," the official heavy industries ministry has allocated around 4,500 e-buses for Bengaluru, 2,000 to Hyderabad, 2,800 to Delhi, 1,000 to Ahmedabad, and 600 to Surat under the current phase of the PM e-Drive scheme. Bids for these 10,900 e-buses are expected to be called by the Convergence Energy Services Ltd (CESL), a central government-controlled entity, in a few Centre has earmarked ₹ 10,900 crore over a two-year period through March 2026 for deploying e-buses in urban areas.
Time of India
25-05-2025
- Automotive
- Time of India
Metros' snub may force e-bus sops shift to intracity service
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel With three metros opting out of the PM e-DRIVE scheme , the Centre may subsidise nearly 4,000 electric buses (e-buses) for use on interstate or intracity routes, a senior official heavy industries ministry received requests for around 10,900 e-buses under PM e-DRIVE, lower than the target of 14,028 e-buses. These buses are meant for large cities to improve their internal public transportation networks."Chennai, Mumbai, and Kolkata have refused to participate for their own reasons," the official told ET, adding that the remaining around 4,000 buses can be considered for intercity, or interstate uses if the Centre doesn't get additional demand from more Chennai and Mumbai are said to be planning their own e-bus procurement schemes. Also, the West Bengal government is said to have refused PM e-DRIVE e-buses since it is yet to receive units promised under earlier the Delhi government's request has been received, its wait for around 2,800 new e-buses may get a little longer with the state yet to fully comply with PM e-DRIVE scheme norms. The state needs to create a direct debit mandate (DDM) with the Reserve Bank of India (RBI), which would allow the Centre to recover dues if case of delay in payments to e-bus suppliers.A DDM ensures the Centre is able to pay e-bus suppliers if states or their transport utilities delay releasing funds. Irregular payments had spooked e-buses suppliers, leading to a tepid response in earlier tenders. Under the PM e-DRIVE scheme, the Centre procures e-buses on behalf of states, who then make payments to suppliers."Delhi government has started the process of creating an account with the RBI for facilitating the DDM. They will get e-buses after complying with these norms," the official heavy industries ministry has allocated around 4,500 e-buses for Bengaluru, 2,000 to Hyderabad, 2,800 to Delhi, 1,000 to Ahmedabad, and 600 to Surat under the current phase of the PM e-Drive scheme. Bids for these 10,900 e-buses are expected to be called by the Convergence Energy Services Ltd (CESL), a central government-controlled entity, in a few Centre has earmarked ₹ 10,900 crore over a two-year period through March 2026 for deploying e-buses in urban areas.
