Auto stock, engaged in the manufacturing of electric motorcycles, scooters, mopeds, and their engines, jumped 7 percent in the day’s trade after it signed an MOU with a U.S. based electric vehicle manufacturer to revolutionize the electric vehicle landscape in both India and the UAE.
At 12:19 p.m. the shares of Wardwizard Innovations & Mobility Limited were trading at Rs. 53.55 up 6.82 percent from its previous day’s close price of Rs. 270.05 and its market capitalization is Rs. 1400 Crores.
Wardwizard Innovations & Mobility Limited (WIML) has signed a Memorandum of Understanding (MOU) with Triton EV, which is a distinguished U.S.-based electric vehicle manufacturer. The strategic collaboration spans for five years and aims to revolutionize the electric vehicle landscape in both India and the UAE.
Under this strategic alliance, Triton EV has selected WIML as its manufacturing partner for Battery-operated trucks in India and UAE. Furthermore, WIML will expand its manufacturing capabilities to produce Two-wheelers and Three-wheelers for Triton EV.
Triton EV’s commitment includes the Transfer of Technology for hydrogen battery packs used in two and three-wheelers, coupled with vital technology assistance for setting up production lines and expansion in India.
As per the agreement both the parties will share respective vendors and suppliers, ensuring a seamless and efficient business operation. Additionally, WIML will play a pivotal role in vendor development for both parties, ensuring a robust and interconnected supply chain.
The company’s revenue from operations grew 29.18 percent from Rs. 185 Crores in FY22 to Rs. 239 Crores in FY23, accompanied by increasing profits of Rs. 8 Crore to Rs. 9 Crore.
It has reported a return on equity (ROE) of 12.3 percent and a return on capital employed (ROCE) of 17.7 percent, it is making good returns on its equity and capital employed considering it has started to generate profits from the past 3 years.
Wardwizard Innovations & Mobility Limited is an auto manufacturing company engaged in the manufacturing of motorcycles, scooters, mopeds, and their engines.
Written by: Bharath K.S
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