Multibagger penny stock under Rs 60: This EV manufacturing company dispatches 3,543 units of electric two-wheelers in December 2023!

The stock is up by 74.2 per cent from its 52-week low of Rs 33.21 per share and gave multibagger returns of 640 per cent in 5 years.

Wardwizard Innovations & Mobility Ltd (WIML), a prominent manufacturer of electric vehicles under the ‘Joy e-bike’ brand in India, capped off a stellar year with December sales surging 38%, reaching 3,543 units! This momentum reflects the company's impressive performance throughout 2023, with a total of 23,926 electric two-wheelers sold.

Strong demand and a nationwide network fuelled this success, with over 17,000 units delivered in just the first nine months of the fiscal year. Joy e-bike's robust growth trajectory bodes well for the future of electric mobility in India.

Additionally, Wardwizard Innovations, India's electric two-wheeler giant, has joined forces with sustainability leader BEEAH Group to electrify transportation in the GCC and Africa. This landmark alliance seeks to not only manufacture electric vehicles like two-wheelers, three-wheelers, and even trucks in the UAE but also leverage BEEAH's network and tech to boost sales throughout these regions.

The shared goal? A greener future powered by renewable energy and sustainable practices, reflecting both companies' commitment to innovation and responsible mobility. This ambitious collaboration marks a significant step towards a cleaner tomorrow, not just for these targeted regions, but for the entire planet.

Earlier, WIML partnered with US-based Triton EV in a five-year pact to revolutionize EV landscapes in India and the UAE. Triton taps WIML for manufacturing electric trucks, two-wheelers, and three-wheelers, with technology transfer for hydrogen batteries and joint vendor development. WIML, furthermore joining forces with the Gujarat government for a Rs 2,000 crore EV ancillary cluster, will also start hydrogen-powered vehicle production, driving innovation and environmental responsibility in the EV space. This collaboration marks a major stride towards green mobility and a self-reliant future for India.

The company falls under the BSE Small-Cap Index with a market cap of over Rs 1,500 crore. The company has demonstrated impressive financial performance, achieving a remarkable 300 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 36.4 per cent, consistently rewarding shareholders.

Today, shares of Wardwizard Innovations & Mobility gained 1.40 per cent to an intraday high of Rs 57.85 per share from its previous closing of Rs 57.05. The stock is up by 74.2 per cent from its 52-week low of Rs 33.21 per share and gave multibagger returns of 640 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.