Multibagger penny stock at Rs 62.71: This EV manufacturing company receives USD 1.29 billion order from Beulah International Development Corporation

The stock is up by 89 per cent from its 52-week low of Rs 33.21 per share and gave multibagger returns of over 700 per cent in 5 years.

Wardwizard Innovations & Mobility Limited (WIML), a prominent manufacturer of electric vehicles under the ‘Joy e-bike’ and ‘Joy e-rik’ brands in India, has secured a significant order worth USD 1.29 billion from Beulah International Development Corporation, one of the renowned full-service business integration companies and EPC firms in the Philippines backed by RP Connect. With this, WIML will deliver products from its existing portfolio, including electric two-wheelers and three-wheelers in the commercial and Passenger Vehicles segment and develop four-wheelers for commercial vehicles for the Philippines markets. This order is part of a strategic collaboration, formalized through a Memorandum of Understanding (MoU), to revolutionize the public transportation system in the Philippines with electric vehicles.

The signing ceremony for this significant partnership was a momentous occasion, bringing together key figures from Wardwizard Innovations & Mobility Limited and Beulah International Development Corporation. Mr. Shreyas Kurhekar, representing Wardwizard's production and export endeavours, and Ms. Nadia Arroyo, President of Beulah International, led their respective teams in solidifying this collaboration. This agreement signifies more than just a business deal; it's a commitment to transforming the Philippines' public transportation system.

This partnership is perfectly aligned with the Philippine government's vision for modernized public utility vehicles. The Department of Transportation's Public Utility Vehicle Modernization Program (PUVMP) aims to replace ageing gasoline and diesel vehicles with cleaner, more efficient electric alternatives. Wardwizard and Beulah International aim to be at the forefront of this initiative, by introducing innovative electric vehicle technology to the Philippines. This will not only lead to a drastic transformation of the transportation landscape but will also create new job opportunities and provide a significant boost to the local economy. By working together with the government and local communities, this partnership has the potential to create a more sustainable and efficient transportation system for the Philippines.

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Wardwizard Innovations & Mobility Limited is one of India’s leading auto manufacturing companies in the Electric Vehicle (EV) segment under the brand name Joy e-bike. Being the first listed entity on BSE in Electric Vehicle manufacturing, it is mainly focused on the growth potential in the Indian EV segment to have a positive impact in the future. Given the current state of the environment, where fuel-powered vehicles account for the vast bulk of carbon emissions, the company is promoting improvement by offering cleaner, greener options that produce no emissions. With more than 10 models in its portfolio in both high and low-speed categories, the Company has established a strong presence in more than 400+ major cities across India and aspires to boost this number throughout the country.

The company falls under the BSE Small-Cap Index with a market cap of Rs 1,634.81 crore. The company has demonstrated impressive financial performance, achieving a remarkable 146 per cent compound annual growth rate (CAGR) in profit over the past five years. This strong growth is further complemented by a healthy dividend payout of 26.1 per cent, consistently rewarding shareholders.

Today, shares of Wardwizard Innovations & Mobility Ltd hit 20 per cent upper circuit to Rs 62.71 per share from its previous closing of Rs 52.26. The stock’s 52-week high of Rs 86.50 and its 52-week low is Rs 33.21. The stock is up by 89 per cent from its 52-week low of Rs 33.21 per share and gave multibagger returns of over 700 per cent in 5 years. Investors should keep an eye on this EV stock.

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