Heavy buying: Back-to-back upper circuit in this EV multibagger stock; gains over 500 per cent in a year!

Shares of the company have gained more than 330 per cent in the last six months.

Shares of Mercury EV-Tech Limited were locked in the upper circuit on Monday, gaining 5.00 per cent. The company has delivered strong Quarterly Results. The stock has witnessed heavy buying activity from investors in the last few days. Hence, the stock is locked in the upper circuit. In the last six months, the stock has gained more than 330 per cent.

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In the recent quarter, Q2FY24, the net sales of the company increased by 77.62 per cent at Rs 5.52 crore for Q2FY24 as compared to Rs 3.11 crore for the corresponding quarter previous year. The company reported a 701.35 per cent rise in its net profit at Rs 0.59 crore for the quarter ended September 30, 2023, as compared to Rs 0.07 crore for the same quarter in the previous year.

Mercury EV-Tech Limited has also delivered multibagger returns to its shareholders in the last one year. During this period, the company’s share price jumped from Rs 16.64 on January 16, 2023, to Rs 108.00 on January 15, 2024, an increase of about 550 per cent in a one-year holding period.

Mercury EV-Tech is engaged in the manufacturing of electronic vehicles. The company introduced a range of EVs (electric vehicles) with the view to save the environment and conserve natural resources. The company’s flagship brand Thunderbolt has a huge product range with different models. It is the listed entity with a core segment of EV manufacturing.

The stock has shown tremendous growth, and investors should keep a close eye on this stock.

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