Penny stock under Rs 50: This EV manufacturing company reports a 48 per cent sales growth in August 2023!
Shares of the company generated an impressive return of 450 per cent return in the last five years.
Wardwizard Innovations & Mobility Limited a prominent manufacturer of electric vehicles operating under the brand name "Joy e-bike" in India, announced today that it achieved significant sales success in August 2023.
The company reported sales of 1,496 units of both low-speed and high-speed electric two-wheelers during the month, marking a remarkable 48 per cent growth compared to July 2023 when it had sold 1,012 electric two-wheelers.
Also, read: From Rs 3,524 crore to Rs 53,320 crore order book; Company bagged orders worth Rs 625 crore from Hindustan Zinc and Vedanta Limited.
In August, Wardwizard Innovations & Mobility Ltd. took a major step toward realising its vision of establishing an Electric Vehicle Ancillary Cluster. The company solidified a crucial and long-term Original Equipment Manufacturer (OEM) partnership with A&S Power.
This strategic alliance is set to drive innovative lithium-ion cell technology, positioning Joy e-bike as the focal point of India's pioneering Electric Vehicle Ancillary Cluster located in Gujarat.
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Recently, the company also introduced the 'Joy e-bike Cup' as the Title Sponsor for the India Tour of Ireland 2023, thereby establishing a meaningful connection between sports and the company's core values.
Furthermore, the company has also forged a partnership as the Electric Vehicle (EV) Partner for the Aaj Tak G20 Summit, aligning itself with the upcoming G20 Summit and reinforcing its dedication to sustainable mobility. These initiatives exemplify the company's steadfast commitment to achieving excellence and promoting sustainability.
The company's shares opened the day at Rs 43.99 and are currently trading at Rs 43.78 each on the BSE.
The current market capitalization of the company is Rs 1,139 crore, with the stock's 52-week high and low at Rs 78 and Rs 33.21, respectively. While the stock has not performed well in recent times, it has shown a remarkable 450 per cent return over the last five years in the longer-term perspective.
Wardwizard Innovations & Mobility is one of India’s leading auto manufacturing companies in the Electric Vehicle (EV) segment under the brand name Joy e-bike. As the first listed entity on BSE in Electric Vehicle manufacturing, the company is primarily focused on harnessing the growth potential of the Indian EV segment to create a positive impact in the future.
With a portfolio featuring more than 10 models in both high and low-speed categories, the Company has already established a robust presence in over 55 major cities across India and aims to further expand this reach nationwide.
Investors must keep this stock on their radar.