Multibagger penny stock under Rs 80: This EV manufacturing company unveils 6 concept models of EVs at the 10th Edition of Vibrant Gujarat Global Summit!

The stock gave multibagger returns of over 100 per cent form its 52-week low of Rs 33.21 per share.

Accelerating the growth of electric vehicles (EVs) in India, Wardwizard Innovations & Mobility Ltd, one of India's leading manufacturers of electric vehicles showcases concepts across the electric two-wheeler segment under the brand name "Joy e-bike” and electric commercial vehicles segment under the banner of “Joy e-rik”, at the 10th Edition of Vibrant Gujarat Global Summit.

Presenting the vision to expand its EV model line-up with technological advancements and innovations, the company showcased the concept models of two High-Speed Electric Scooters along with the concept models of four Electric Commercial Vehicles: Golf Cart (6-seater), Garbage Vehicle, E-Cart and E-Loader Vehicle.

Electrifying the summit, Wardwizard unveiled its next-gen hydrogen fuel cell and electrolyzer technology, showcasing a prototype fuel cell scooter and underscoring its commitment to pioneering alternative cell chemistry for clean and efficient mobility. This R&D collaboration with Triton EV marks a major step towards future needs, aiming to power not just two-wheelers but various segments including utility vehicles, redefining the landscape of clean energy across India and the globe.

Earlier, Wardwizard, India's e-bike powerhouse, capped off a record-breaking year with December sales soaring 38 per cent, marking a total of 23,926 Joy e-bikes sold in 2023. Fuelled by robust demand and a nationwide network, this momentum extends beyond India, as Wardwizard joins forces with sustainability leader BEEAH to electrify transportation in the GCC and Africa, aiming to manufacture EVs across various segments and leverage BEEAH's strengths for a greener future, not just regionally, but globally.

The company falls under the BSE Small-Cap Index with a market cap of over Rs 1,800 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 4.51 per cent to Rs 72.37 per share from its previous closing of Rs 69.25 with an intraday high of Rs 75.80 and an intraday low of Rs 70.15. The stock also made a 52-week high of Rs 75.80 per share with a spurt in volume by more than 2.20 times on BSE. The stock gave multibagger returns of over 100 per cent form its 52-week low of Rs 33.21 per share. Investors should keep an eye on this EV stock.

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