Shares of this EV stock jumps approximately 10 percent in Monday’s trading session after the company unveiled its first concept of a ‘Hydrogen-Powered Electric Two-Wheeler’ and ‘High-Speed Electric Scooter’ at the Bharat Mobility Global Expo 2024. In the past month, the company’s stock has gained close to 40 percent for its shareholders.
With a market capitalization of Rs 2,115.27 crores, the stocks of Wardwizard Innovations & Mobility Limited, a leading manufacturer of electric vehicles, started their trading session on Monday at Rs 75.99 and currently trade at Rs 80.89, gaining approximately 10 percent compared to the previous close of Rs 74 apiece.
Such bullish stock price movements were observed after the company, through a regulatory filing with the Bombay Stock Exchange (BSE), intimated about unveiling the concept of its first ‘Hydrogen-Powered Electric Two-Wheeler’ at the maiden “Bharat Mobility Global Expo 2024”.
The company also showcased the groundbreaking concept of a ‘High-Speed Electric Scooter’ presenting the vision to expand its EV model lineup with technological advancements and innovations. Moreover, Wardwizard represented its cutting-edge ‘hydrogen fuel cell’ and ‘electrolyzer’ technology.
“EVs are transcending from being optional to becoming an essential need of the hour. Embracing innovation as our cornerstone, we have prepared ourselves for the future with these groundbreaking concept EVs, especially the hydrogen-based fuel cell technology, poised to revolutionize the industry.”, commented Mr. Yatin Gupte, Chairman & Managing Director, Wardwizard Innovations & Mobility Limited.
During the recent financial quarters, the company’s basic business parameters such as operating revenues and after-tax profits showed positive movements. The former rose drastically from Rs 49 crores during Q2FY24 to Rs 106 crores during Q3FY24, and the latter, during the same period, took a shift from Rs 2 crores to Rs 5 crores.
As per the recent presentations, the company projects EV sales to grow at a CAGR of 45.5 percent from 2022 to 2030 with an anticipated rise from around 6.91 lakh electric two-wheelers in 2022 to 1.39 crore units in 2030
Incorporated in 1982, Wardwizard Innovations & Mobility Limited is engaged in the business of manufacturing and selling Electrical Vehicles (EVs), spare parts, and other related services within as well as outside India. It offers two and three-wheeler electric vehicles and other electronic appliances.
Written by Amit Madnani
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