Heavy Buying Alert: Multibagger EV-Stock With 40,000 Per Cent Returns; Hit 7 Consecutive Upper Circuits; Here’s Why
The stock gave multibagger returns of 180 per cent in just 1 year, 19,900 per cent in 3 years and a whopping 40,000 per cent in 5 years.
On Thursday, shares of Mercury EV-Tech Ltd hit a 5 per cent upper circuit to Rs 139.20 per share from its previous closing of Rs 132.60. The stock’s 52-week high is Rs 143.8 and its 52-week low is Rs 44.02. The shares of the company saw a spurt in volume by more than 2 times on BSE and in recent trading sessions, the stock has been hitting 7 consecutive upper circuits.
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 over Rs 2,400 crore and reported positive numbers in Quarterly Results (Q1FY25) and annual results (FY24).
Mercury EV-Tech Limited has acquired a 70 per cent stake in Haitek Automotive Private Limited for Rs 3.5 million to expand its presence in the West Bengal 3W market. This strategic move will enable Mercury to leverage Haitek's existing operations, distribution networks, and customer base, leading to increased market share and improved profitability. The acquisition is a cash transaction with a total consideration of Rs.3.5 million, acquiring 70 per cent of Haitek's equity shares. Haitek Automotive Private Limited, incorporated in August 2022, specializes in manufacturing electric 3W vehicles and reported a turnover of Rs 5.66 million in its first year of operation.
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Additionally, The Gujarat Energy Development Agency (GEDA) has approved the company to market and distribute lithium-ion battery-powered e-rickshaws in Gujarat for the 2024-25 fiscal year. This endorsement validates our innovative approach and high standards in the electric vehicle industry. Additionally, our L5 and L3 category e-rickshaws have been approved for a subsidy of Rs 48,000 per vehicle when sold within Gujarat. This accomplishment underscores our leadership in promoting sustainable practices and strengthens our dedication to driving progress in the electric vehicle sector. It reaffirms our commitment to advancing technology and contributing to a greener future, positioning us as a leading force in the Gujarat electric vehicle market.
As of June 2024, the promoters of the company hold a 62.10 per cent stake, while the remaining 39.90 per cent is owned by the public. The stock gave multibagger returns of 180 per cent in just 1 year, 19,900 per cent in 3 years and a whopping 40,000 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.