FIIs took a fresh entry & bought 2,73,232 shares of this multibagger EV-stock under Rs 110 with 30,000 per cent returns; Hit upper circuits on October 30
The stock gave multibagger returns of 125 per cent in just 1 year, 13,000 per cent in 3 years and a whopping 30,000 per cent in 5 years.
On Wednesday, shares of Mercury EV-Tech Ltd hit a 5 per cent upper circuit to Rs 105.80 per share from its previous closing of Rs 100.80. The stock’s 52-week high is Rs 143.8 and its 52-week low is Rs 46.10. The shares of the company saw a spurt in volume by more than 1.10 times.
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 over Rs 1,850 crore and reported positive numbers in Quarterly Results (Q1FY25) and annual results (FY24).
Mercury EV-Tech Limited has acquired a 70 per cent stake in Haitek Automotive Private Limited for Rs 3.5 million to expand its presence in the West Bengal 3W market. This strategic move will enable Mercury to leverage Haitek's existing operations, distribution networks, and customer base, leading to increased market share and improved profitability. The acquisition is a cash transaction with a total consideration of Rs.3.5 million, acquiring 70 per cent of Haitek's equity shares. Haitek Automotive Private Limited, incorporated in August 2022, specializes in manufacturing electric 3W vehicles and reported a turnover of Rs 5.66 million in its first year of operation.
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Additionally, The Gujarat Energy Development Agency (GEDA) has approved the company to market and distribute lithium-ion battery-powered e-rickshaws in Gujarat for the 2024-25 fiscal year. This endorsement validates our innovative approach and high standards in the electric vehicle industry. Additionally, our L5 and L3 category e-rickshaws have been approved for a subsidy of Rs 48,000 per vehicle when sold within Gujarat. This accomplishment underscores our leadership in promoting sustainable practices and strengthens our dedication to driving progress in the electric vehicle sector. It reaffirms our commitment to advancing technology and contributing to a greener future, positioning us as a leading force in the Gujarat electric vehicle market.
As of September 2024, FIIs took a fresh entry and bought 2,73,232 shares or 0.16 per cent stake in the company. The stock gave multibagger returns of 125 per cent in just 1 year, 13,000 per cent in 3 years and a whopping 30,000 per cent in 5 years. Investors should keep an eye on this Small-Cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.