EV stock engaged in the manufacturing of motorcycles, scooters, mopeds, and their engines jumped 18 percent in the day’s trade despite the sale of equity shares of the company by the promoter of the company.
With a market capitalization of Rs. 1,860 Crores, the shares of Wardwizard Innovations & Mobility Limited were trading at Rs. 71.50 per equity share, up 14 percent from its previous day’s close price of Rs. 62.71.
As per the Bulk/Block deal data available on BSE, WARDWIZARD SOLUTIONS INDIA PRIVATE LIMITED the promoter of Wardwizard Innovations & Mobility Limited sold 25 Lakh equity shares of the company on June 10, 2024, at an average price of Rs. 62.71, aggregating to a total value of Rs. 15.67 Crores.
In recent times WARDWIZARD SOLUTIONS INDIA PRIVATE LIMITED the promoter of the company has offloaded its equity stake multiple times indicating a red flag i.e., 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.
As of March 2024, WARDWIZARD SOLUTIONS INDIA PRIVATE LIMITED holds a 9.73 percent stake in the company consisting of ~2.54 Crore equity shares of the company.
In Addition, Wardwizard Innovations & Mobility Limited has recently secured a significant order worth USD 1.29 Billion from Beulah International Development Corporation, one of the renowned full-service business integration companies and EPC firms in the Philippines.
The work order is to deliver products from its existing portfolio, including electric two-wheelers, and three-wheelers in commercial and Passenger Vehicles segments, and develop four-wheelers for commercial vehicles for the Philippines markets.
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.
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.
Written by: Bharath K.S
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