Penny stock below Rs 60: This automobile company signs MoU with Triton EV; know more here!

The stock is up by 65 per cent from its 52-week low of Rs 33.21 per share and gave multibagger returns of over 550 per cent in 5 years.

Wardwizard Innovations & Mobility Ltd, a leading manufacturer of electric vehicles under the ‘Joy e-bike’ brand in India, signed a Memorandum of Understanding (MOU) with Triton EV, a distinguished U.S.-based electric vehicle manufacturer. This strategic collaboration spans five years and aims to revolutionize the electric vehicle landscape in both India and the UAE.

Triton EV has chosen WIML as its manufacturing partner for electric trucks in India and UAE, and WIML will also produce two-wheelers and three-wheelers for Triton EV. This collaboration aims to promote electric vehicles and align with the government's green mobility goals. Notably, Triton EV will transfer technology for hydrogen batteries and assist WIML in setting up production lines. Additionally, both companies will share vendors and suppliers and work together on vendor development.

WIML will also begin manufacturing hydrogen-powered trucks, two-wheelers, and three-wheelers in India soon. This partnership represents a significant step towards electric mobility in India and the UAE, and both companies are committed to driving innovation and environmental responsibility in the EV space.

Earlier, the company joined forces with the Gujarat government to invest Rs 2,000 crore in developing an electric vehicle ancillary cluster by 2024. This initiative focuses on R&D, motor assembly, Li-ion cell production, and raw material manufacturing, aiming to create over 5,000 jobs and propel India's electric mobility sector. This collaboration marks a significant step towards a self-reliant and sustainable future, shaping a greener India.

The company falls under the BSE Small-Cap Index with a market cap of Rs 1,378.3 crore. The company has demonstrated impressive financial performance, achieving a remarkable 292 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%, consistently rewarding shareholders.

On Friday, shares of Wardwizard Innovations & Mobility gained 9.7 per cent to an intraday high of Rs 55 per share from its previous closing of Rs 50.14. The stock traded at an intraday high of Rs 44.80 and an intraday low of Rs 42.09. The shares of the company saw a spurt in volume by more than 3.32 times on BSE.

The stock is up by 65 per cent from its 52-week low of Rs 33.21 per share and gave multibagger returns of over 550 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.