Multibagger EV-stock at Rs 83.97 locked in upper circuit as Board of company is likely to raise of funds via preferential issue!
The stock gave multibagger returns of 100 per cent in just 1 year, 13,000 per cent in 3 years and a whopping 23,225 per cent in 5 years.
On Wednesday, shares of Mercury EV-Tech Ltd were locked in a 10 per cent upper circuit to Rs 83.97 per share from its previous closing of Rs 76.34. The stock’s 52-week high is Rs 143.8 and its 52-week low is Rs 41.79.
Mercury EV-Tech Ltd informed that the Meeting of the Board of Directors of the company will be held on Friday, September 13, 2024, inter-alia to consider raising funds by way of Issue of convertible equity warrants and/or equity shares on a preferential basis subject to such approvals as may be required including approval of the members and other statutory/regulatory approvals, as applicable.
Mercury EV-Tech Limited is delighted to announce that it has received approval from the Gujarat Energy Development Agency (GEDA) to market and distribute battery-operated three-wheelers (E-Rickshaws) equipped with lithium-ion batteries in Gujarat for the fiscal year 2024-25. This endorsement marks a significant milestone for our Company, as it validates our innovative approach and high standards in the electric vehicle sector. Additionally, our L5 and L3 category three-wheelers have been officially approved by GEDA to receive a subsidy of Rs. 48,000 per vehicle for sales within the state. This achievement not only highlights our leadership in promoting sustainable practices but also strengthens our resolve to drive progress within the industry. It reinforces our commitment to advancing technology and contributing to a greener future, positioning us at the forefront of the electric vehicle market in Gujarat.
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About the Company
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 1,400 crore and reported positive numbers in Quarterly Results (Q1FY25) and annual results (FY24).
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 100 per cent in just 1 year, 13,000 per cent in 3 years and a whopping 23,225 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.
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