Multibagger penny stock below Rs 50 with Rs 2,000 crore project: This small-cap automobile company signs MoU with Government of Gujarat!

The stock is up by 35 per cent from its 52-week low of Rs 33.21 per share.

Wardwizard Innovations & Mobility Ltd., a leading manufacturer of electric vehicles under the ‘Joy e-bike’ brand in India, signed a Memorandum of Understanding (MOU) with the Government of Gujarat to invest Rs 2,000 crore in the development of an electric vehicle ancillary cluster by 2024. This agreement is geared towards fostering the growth of the electric vehicle industry and aligning with the government's vision of enhancing green mobility within the state.

Under this agreement, Wardwizard is set to make a substantial investment of Rs 2,000 crore, spanning various critical areas. This includes research and development of electric 2 & 3 wheelers, the establishment of motor assembly at Vadodara's facility, Li-ion Cell production, and the development of ancillaries for raw material manufacturing. Furthermore, this initiative is expected to generate over 5,000 employment opportunities within the state, making a profound impact on both the electric mobility sector and the regional job market.

The MOU between Wardwizard Innovations & Mobility Ltd. and the Government of Gujarat marks the dawn of a new era in innovation and sustainability within the electric vehicle industry. With a strong emphasis on 'Make-in-India' and a dedication to green mobility, this collaboration signifies a significant stride toward a brighter, more self-reliant future. As the electric vehicle landscape continues to evolve, this partnership stands as a pivotal development in shaping a greener and more self-sufficient India, benefiting both the industry and the nation.

The company falls under BSE Small-Cap Index with a market cap of Rs 1,120 crore while the MoU is worth Rs 2,000 crore.

On Friday, shares of Wardwizard Innovations & Mobility gained 4.04 per cent to Rs 42.97 per share from its previous closing of Rs 41.30. The stock traded at an intraday high of Rs 44.80 and an intraday low of Rs 42.09. The shares of the company saw a spurt in volume by more than 2.24 times on BSE.

The stock is up by 35 per cent from its 52-week low of Rs 33.21 per share and gave multibagger returns of over 450 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.