Multibagger penny stock under Rs 70: This EV manufacturing company expands operations in India; Sets up a new assembly line facility in Deoghar, Jharkhand

The stock gave multibagger returns of over 100 per cent from its 52-week low of Rs 33.21 per share.

Wardwizard Innovations & Mobility Limited (WIML), one of the leading manufacturers of electric two-wheelers under the brand ‘Joy e-bike’ and three-wheelers under the brand ‘Joy e-rik’ in India, inaugurated its new assembly line facility for electric two-wheelers in Deoghar, Jharkhand.

The new facility will be an extension to the currently operating factory in Vadodara, Gujarat and is spread across an area of 15,000 sq. ft. The company will commence the assembly of its high and low-speed electric two-wheelers at the new facility with the initial annual target of more than 20,000 units to cater to the growing demand of the Eastern and Northern regions of India along with the export market in Nepal. Furthermore, the new facility will not only help in generating employment but also provide industry-specific training to the workers that shall help them understand the operations better.

Wardwizard Innovations & Mobility Limited has also showcased its commitment to innovation at the recently concluded Bharat Mobility Global Expo 2024. At the expo, the company unveiled the concept of its first hydrogen-powered electric two-wheeler and showcased its current product line-up, including high and low-speed models and the electric three-wheeler under the brand name 'Joy e-rik' The company has also achieved a significant milestone by surpassing 100,000 electric two-wheeler sales in India. The company commemorated this achievement by rolling out its 100,000th unit, Mihos, from its state-of-the-art manufacturing plant in Vadodara.

Wardwizard Innovations & Mobility, a leading Indian EV manufacturer under the brand "Joy e-bike", leverages its position as the first BSE-listed EV company to capitalize on the growing Indian EV market and offer cleaner alternatives to traditional vehicles. By providing over 10 electric two-wheeler models across various categories in over 400 cities, the company aims to make a positive environmental impact and expand its reach throughout India.

The company falls under the BSE Small-Cap Index with a market cap of Rs 1,787 crore. The company has demonstrated impressive financial performance, achieving a remarkable 300 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.

Today, shares of Wardwizard Innovations & Mobility Ltd plunged 3.33 per cent to Rs 68.55 per share from its previous closing of Rs 70.91 with an intraday high of Rs 70.99 and an intraday low of Rs 68.20. The stock’s 52-week high of Rs 86.50 and its 52-week low is Rs 33.21. The stock gave multibagger returns of over 100 per cent from its 52-week low of Rs 33.21 per share. Investors should keep an eye on this EV stock.

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