Multibagger penny stock under Rs 60: This EV manufacturing company signs MoU with BEEAH Group; know more here!

The stock is up by 75 per cent from its 52-week low of Rs 33.21 per share and gave multibagger returns of over 600 per cent in 5 years.

Wardwizard Innovations & Mobility Ltd (WIML), a prominent manufacturer of electric vehicles under the ‘Joy e-bike’ brand in India, has signed a Memorandum of Understanding (MoU) with BEEAH Group (BG), a globally recognized leader in sustainable waste management and co-owned by the Sharjah government in the UAE. This collaboration aims to promote the use of electric vehicles and contribute to environmental improvement across the GCC countries and African nations.

As a part of this strategic alliance, WIML and BEEAH Group will conduct technical and commercial feasibility studies for the production of two-wheelers, three-wheelers, and battery-operated trucks, both small and large, in the UAE. As part of the MoU, BG will provide technology and other assistance to WIML to achieve renewable energy goals and leverage its network in the GCC and African nations to promote sales in those regions. This collaboration underscores a shared commitment to advancing the electric vehicle industry in GCC countries and African nations, in line with the government's vision of enhancing green mobility

Under this alliance, BEEAH and WIML will work together to promote green energy, sustainable waste management, and the use of renewables, aiming to improve the environment in GCC countries, African nations, and any other mutually agreed countries, for a better present and more sustainable future This ambitious endeavour reflects the mutual vision of both companies to foster innovation and promote environmentally responsible transportation practices

Earlier, WIML partnered with US-based Triton EV in a five-year pact to revolutionize EV landscapes in India and the UAE. Triton taps WIML for manufacturing electric trucks, two-wheelers, and three-wheelers, with technology transfer for hydrogen batteries and joint vendor development. WIML, furthermore joining forces with the Gujarat government for a Rs 2,000 crore EV ancillary cluster, will also start hydrogen-powered vehicle production, driving innovation and environmental responsibility in the EV space. This collaboration marks a major stride towards green mobility and a self-reliant future for India.

The company falls under the BSE Small-Cap Index with a market cap of Rs 1,417.39 crore. The company has demonstrated impressive financial performance, achieving a remarkable 292 per cent compound annual growth rate (CAGR) in profit over the past five years. This strong growth is further complemented by a healthy dividend payout of 36.4 per cent, consistently rewarding shareholders.

On Wednesday, shares of Wardwizard Innovations & Mobility gained 6.36 per cent to an intraday high of Rs 58.18 per share from its previous closing of Rs 54.70. At the closing bell, shares of the company were trading at Rs 54.37 per share, down 0.60 per cent. The shares of the company saw a spurt in volume by more than 1.53 times on BSE.

The stock is up by 75 per cent from its 52-week low of Rs 33.21 per share and gave multibagger returns of over 600 per cent in 5 years. Investors should keep an eye on this EV stock.

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