FIIs Bought 30,00,000 Shares: Multibagger EV-Stock Under Rs 100 Hit Upper Circuit On December 30
The stock gave multibagger returns of 620 per cent in just 2 years, 10,000 per cent in 3 years and a whopping 23,650 per cent in 5 years.
On Monday, shares of Mercury EV-Tech Ltd hit a 5 per cent upper circuit to Rs 85.79 per share from its previous closing of Rs 81.71 per share. The stock’s 52-week high is Rs 139.20 per share and its 52-week low is Rs 64.32 per share. The shares of the company saw a spurt in volume by more than 1.01 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 Rs 1,588 crore and reported positive numbers in Quarterly Results (Q2FY25) and half-yearly results (H1FY25).
Mercury EV-Tech Limited held a Board Meeting on December 17, 2024, where it was resolved to incorporate a new subsidiary company, "GLOBAL MERCURY CONTAINER PRIVATE LIMITED," as approved by the Ministry of Corporate Affairs. The company was authorized to have a capital of Rs 10,00,000 with a paid-up capital of Rs 10,00,000. Mercury EV-Tech Limited invested in the new subsidiary by subscribing to 60,000 equity shares, representing 60% of the paid-up capital, at a face value of Rs 10 per share, for a total investment of Rs 6,00,000.
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GLOBAL MERCURY CONTAINER PRIVATE LIMITED was established with the primary business objective of manufacturing and dealing in containers, including ISO shipping containers, top cover mechanisms for containers, skeleton containers, and special purpose containers. This aligned with the existing line of business of Mercury EV-Tech Limited. Mercury EV-Tech Limited acquired a 70 per cent stake in Haitek Automotive Private Limited for Rs 3.5 million, aiming to strengthen its position in the West Bengal 3W market. This strategic move leveraged Haitek's existing infrastructure and customer base, contributing to increased market share and profitability. Furthermore, Mercury received approval from the Gujarat Energy Development Agency (GEDA) to market and distribute lithium-ion battery-powered e-rickshaws in Gujarat for the 2024-25 fiscal year.
As of November 2024, FIIs bought 30,00,000 shares and increased their stake to 1.72 per cent in the company compared to September 2024. The stock gave multibagger returns of 620 per cent in just 2 years, 10,000 per cent in 3 years and a whopping 23,650 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.