EV stock engaged in the manufacturing of motorcycles, scooters, mopeds, and their engines, declined by 6 percent in the day’s trade after the promoter of the company sold a part of his stake in it.
Price Action
With a market capitalization of Rs. 1,453 Crores, the shares of Wardwizard Innovations & Mobility Limited were trading at Rs. 55.74 per equity share, down 5.45 percent from its previous day’s close price of Rs. 58.95 Crores.
What Happened
As per the bulk/block deal data available on BSE, Wardwizard Solutions India Private Limited, one of the promoters of the company has sold 20 lakh equity shares of the company at an average price of Rs. 60.08, aggregating to a total value of Rs. 12.01Crores.
In recent times WARDWIZARD SOLUTIONS INDIA PRIVATE LIMITED the promoter of the company has offloaded its equity stake in the company multiple times indicating a red flag i.e.,
On June 11, it sold 25 Lakh equity shares at Rs. 62.71, on April 30, 2024, it sold 23.45 Lakh equity shares at Rs. 61.34, on January 17, 2024, it sold 21 Lakh equity shares of the company at Rs. 79.29 and on December 27, 2023, it sold 26 Lakh equity shares of the company at Rs. 57.34.
About the company
Wardwizard Innovations & Mobility Limited is one of India’s leading auto-manufacturing companies in the Electric Vehicle (EV) segment under the brand name Joy e-bike. It engaged in the manufacturing of motorcycles, scooters, mopeds, and their engines
It also engaged in trading home appliances and electronic appliances, such as air conditioners, four-door refrigerators, light-emitting diodes televisions, portable air conditioners, air purifiers, Alkaline water purifiers, and hydrogen water bottles.
It offers a range of electric vehicles, such as Joy E-Bike Skyline, Joy E-Bike Hurricane, Joy E-Bike E-Monster, Joy E-Bike Thunderbolt, Joy E-Bike Glob, Joy E-Bike Monster, Joy E-Bike Wolf, Joy E-Bike Beast and Gen Next Nanu E-scooter.
Financials and Ratios
Its revenue from operations grew by 153 percent from Rs. 50.55 Crores in Q4FY23 to Rs. 128.05 Crores in Q4FY24, accompanied by profits of Rs. 1.45 Crores to Rs. 4.28 Crores.
In terms of Return ratios, it has reported a return on equity (ROE) of 14.8 percent and a return on capital employed (ROCE) of 17.8 percent. It has reported a debt-to-equity ratio of 0.82.
Written by: Bharath K.S
Disclaimer
The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
