Multibagger EV-stock under Rs 100: This company becomes the first to get state approval from Government of NCT of Delhi for E-Rickshaw- Passenger

The stock gave multibagger returns of 300 per cent in just 1 year, 11,500 per cent in 3 years and a whopping 24,000 per cent in 5 years.

In a significant development for Mercury EV-Tech Limited, the company has secured approval from the Government of NCT of Delhi to sell two electric vehicle models within its territory. The first approved model is a passenger e-rickshaw with a seating capacity of seven people (6+1) and a GVM of 1050.

Importantly, Mercury EV-Tech Limited is the first company to receive approval for this specific passenger e-rickshaw design with a 6+1 capacity. The second approved electric vehicle is an e-cart loader with a GVM of 1,050, a single seat, and a load-carrying capacity of 488 kg. This approval is significant for Mercury EV-Tech Limited as it allows the company to sell these electric vehicles directly to customers, potentially increasing its revenue stream. The approval is valid in perpetuity, and the company acknowledges the continued support of its stakeholders.

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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 1,400 crore and reported positive numbers in Quarterly Results (Q3FY24) and annual results (FY23).

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 300 per cent in just 1 year, 11,500 per cent in 3 years and a whopping 24,000 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.