19,500 per cent multibagger returns: This low-price EV manufacturer gets approval from Transport Department, Uttarakhand to sell EVs!

The stock has delivered a remarkable return of over 9800 per cent in just 3 years only.

Mercury EV-Tech is a prominent Small-Cap company that is involved in the manufacturing of electric vehicles for a wide range of applications, including hospitality, industry, golf courses, clubs, and resorts.

As per today’s press release, the company received approval on May 27, 2024, for the sale of electric vehicles in Uttarakhand, marking a significant milestone in its expansion strategy. The approved vehicles include E-Rickshaws and E-Carts, designed for passenger transport and load-carrying purposes. With the nod from the Road Transport Department, Uttarakhand, the company can now market these eco-friendly vehicles, paving the way for a new revenue stream.

This development underscores the company's commitment to sustainability and innovation in the automotive industry. By introducing battery-operated vehicles, the company not only contributes to reducing carbon emissions but also meets the growing demand for environmentally friendly transportation solutions. The approval opens up opportunities for the company to tap into the burgeoning electric vehicle market in Uttarakhand. With the increasing focus on clean energy and government initiatives promoting electric mobility, the company is well-positioned to capitalize on this growing trend. Moreover, the approval is not limited by time, providing the company with a perpetual opportunity to sell these vehicles. This ensures long-term revenue generation and establishes a foothold in the electric vehicle segment.

Also read This stock turned Rs 10,000 into Rs 1.16 CRORE in just 3 years and created exceptional wealth!

Share Performance:

On Monday, the company's stock closed at around Rs 70.63 per share, with a market capitalisation of Rs 1,239 crore. Additionally, the stock has delivered a multibagger return of around 9850 per cent in the past three years only.

Financial performance:

According to the Quarterly Results, in Q3 FY24, the company reported a revenue of Rs 4.58 crore, representing a growth of 6.51 per cent, and a net profit of Rs 0.53 crore. In FY23, the company reported a revenue of Rs 16.10 crore and a net profit of Rs 1.39 crore, compared to a net profit of Rs 0.23 crore in the previous year.

Investors must keep this small-cap stock on their radar.

Disclaimer: The article is for informational purposes only and not investment advice.