37,600 per cent returns in this multibagger stock: This EV micro-cap company is likely to raise funds through preferential issue for business expansion!
The stock gave multibagger returns of 1,150 per cent in just 1 year, 20,800 per cent in 3 years and a whopping 37,600 per cent in 5 years.
Mercury EV-Tech's board, meeting Friday, December 15, 2023, announced plans for a dedicated follow-up meeting to explore both potential acquisition and fundraising options. While evaluating the acquisition of another business or an equity stake, the board will also consider issuing new shares, warrants, or other eligible securities to raise capital, subject to shareholder and regulatory approvals. This dual-pronged approach aims to fuel future growth for the company.
Earlier, the company acquired a 20 per cent stake in Powermets Energy Private Limited and consequently the target company became a wholly owned subsidiary (WoS) of Mercury EV-Tech Ltd.
Mercury Ev-Tech, an E-vehicle manufacturer, acquired the remaining 20 per cent stake in a Lithium battery maker (Target Company), making it a wholly-owned subsidiary. This strategic move secures vital battery production for Mercury's E-vehicles and strengthens its vertical integration.
Mercury EV-Tech Ltd, formerly known as Mercury Metals Limited, is involved in the manufacturing of electric scooters, electric cars, electric buses, electric vintage cars, electric golf cars, and electric vehicles in India. The company has a market cap of Rs 2,166 crore.
According to Quarterly Results, the net sales increased by 42 per cent to Rs 4.15 crore and net profit skyrocketed by 1,150 per cent to Rs 0.75 crore in Q2FY24 compared to Q2FY23. In its annual results, the net sales increased by 1,038 per cent to Rs 13.42 crore and net profit increased by 283 per cent to Rs 0.88 crore in FY23 compared to FY22.
Today, shares of Mercury EV-Tech Ltd hit a 5 per cent upper circuit to Rs 136.29 per share from its previous closing of Rs 129.8. The stock’s 52-week high is Rs 143.8 and its 52-week low is Rs 9.34.
The stock gave multibagger returns of 1,150 per cent in just 1 year, 20,800 per cent in 3 years and a whopping 37,600 per cent in 5 years. Investors should keep an eye on this micro-cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.
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