FIIs Bought 30,00,000 Shares: Multibagger EV-Stock Under Rs 100 Hit Upper Circuit With Heavy Volume; Here’s Why
The stock gave multibagger returns of 650 per cent in just 2 years, 10,550 per cent in 3 years and a whopping 25,750 per cent in 5 years.
On Friday, shares of Mercury EV-Tech Ltd hit a 5 per cent upper circuit to Rs 90.48 per share from its previous closing of Rs 86.18 per share. The stock’s 52-week high is Rs 143.8 per share and its 52-week low is Rs 64.32 per share. The shares of the company saw a spurt in volume by more than 1.10 times on BSE.
Mercury EV-Tech Limited, at its Board Meeting held on December 17, 2024, resolved to incorporate a new subsidiary company, "GLOBAL MERCURY CONTAINER PRIVATE LIMITED," as approved by the Ministry of Corporate Affairs. The company will have an authorised capital of Rs 10,00,000 and a paid-up capital of Rs 10,00,000. Mercury EV-Tech Limited will invest in the new subsidiary by subscribing to 60,000 equity shares, representing 60 per cent of the paid-up capital, at a face value of Rs 10 per share, for a total investment of Rs 6,00,000.
The primary business objective of GLOBAL MERCURY CONTAINER PRIVATE LIMITED will be the manufacturing and dealing of containers, including ISO shipping containers, top cover mechanisms for containers, skeleton containers, and special purpose containers. This aligns with the line of business of Mercury EV-Tech Limited. The acquisition does not involve any related party transactions, and no governmental or regulatory approvals are required. The company expects to complete the incorporation of the subsidiary within the timeframe permitted by applicable laws.
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Earlier, the company made significant strides in expanding its market presence. The company has acquired a 70 per cent stake in Haitek Automotive Private Limited for Rs 3.5 million, aiming to strengthen its position in the West Bengal 3W market. This strategic move will leverage Haitek's existing infrastructure and customer base, contributing to increased market share and profitability. Additionally, Mercury has received approval from the Gujarat Energy Development Agency (GEDA) to market and distribute lithium-ion battery-powered e-rickshaws in Gujarat for the 2024-25 fiscal year.
Mercury EV-Tech Ltd, formerly known as Mercury Metals Limited, is involved in the manufacturing of electric scooters, electric cars, electric buses, electric vintage cars, electric golf cars, and electric vehicles in India. The company has a market cap of Rs 1,588 crore and reported positive numbers in Quarterly Results (Q2FY25) and half-yearly results (H1FY25).
As of November 2024, FIIs bought 30,00,000 shares and increased their stake to 1.72 per cent in the company compared to September 2024. The stock gave multibagger returns of 650 per cent in just 2 years, 10,550 per cent in 3 years and a whopping 25,750 per cent in 5 years. Investors should keep an eye on this Small-Cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.