The shares of one of India’s leading electric vehicle manufacturer surged 9.5 percent to a 52-week high price of Rs 75.8 per share after the company unveiled new models of electric vehicles and next-gen hydrogen fuel cell technology at the Gujarat Global Summit.
At 11:48 a.m., Wardwizard Innovations and Mobility Ltd shares were trading at Rs 74.55 per share, up Rs 5.30 or 7.65 percent from the previous close price on the exchange. The company has a market capitalization of Rs 1,908 crore.
Wardwizard Innovations & Mobility unveiled 6 Concept Models of Electric Vehicles at the 10th Edition of the Vibrant Gujarat Global Summit and the company showcased the concept models of two High-Speed Electric Scooters along with four Electric Commercial Vehicles such as a Golf Cart (6 seaters), Garbage Vehicle, E-Cart and E-Loader Vehicle.
As well as the company unveiled the next-gen hydrogen fuel cell and electrolyzer technology. Furthermore, the company showcased the Hydrogen-based Fuel Cell Powered Scooter prototype, marking a pioneering venture into alternative cell chemistry.
Furthermore, the company showcased concepts across the electric two-wheeler segment under the brand name “Joy e-bike” and the electric commercial vehicles segment under the banner of “Joy e-rik”.As per the company’s exchange filing.
The company’s revenue has decreased by 29 percent yearly, from Rs 63.89 crore in Q2FY23 to Rs 45.11 crore in Q2FY24. During the same timeframe, Net profit has marginally declined from Rs 2.50 crore to Rs 2.42 crore.
Wardwizard Innovations & Mobility share has gained 68 percent in the last six months and 14 percent in a year.
According to the latest shareholding pattern, the promoters hold 70.46 percent of the company, and retail investors hold a 29.55 percent stake.
Wardwizard Innovations & Mobility Ltd. is one of India’s leading auto-manufacturing companies in the Electric Vehicle (EV) segment under the brand name Joy e-bike.
In FY23, the company introduced its presence in the three-wheeler market with the launch of its vehicle under the brand name Joy E-RIK.
The company has a presence in 400 cities, in more than 19 states and union territories of India. The company has over 10+ models in its portfolio spanning high and low-speed electric vehicle categories.
Written by Omkar Chitnis
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