In Thursday’s trading session, the shares of one of the NBFC stock specialised in providing financial advisory, asset management and wealth management services hits 5% upper circuit upon entering into a strategic Memorandum of Understanding (MOU) with WardWizard Innovations and Mobility Limited.
Price action
With a market capitalization of 388.62 Crores on Thursday, the shares of Mangalam Industrial Finance Ltd hits 5 percent upper circuit making a high of Rs 3.75 compared to its previous closing price of Rs 3.58.
What happened
Mangalam Industrial Finance Ltd jumped upto 4.5 percent upon entering into a strategic Memorandum of Understanding (MOU) with WardWizard Innovations and Mobility Ltd the makers of electric vehicles under the brand ‘Joy ERik’ to finance electric three-wheeler.
This collaboration seeks to accelerate the adoption of electric three-wheelers across India by offering tailored financing solutions.
The agreement focuses on supporting the purchase of WardWizard’s L3 and L5 three-wheelers which includes passenger and cargo models. This initiative is designed to empower entrepreneurs, fleet operators, and small businesses with accessible and affordable electric mobility solutions.
Key Highlights of the MOU
The partnership offers dedicated financing for WardWizard’s ‘Joy E-Rik’ electric three-wheelers for L3 and L5 models with affordable interest rates and flexible loan tenures to suit diverse customer profiles.
It also provides financial assistance to expand WardWizard’s dealer network across Tier 1, Tier 2, and rural markets, which would be beneficial for small businesses, last-mile delivery operator,s and fleet owners.
About the company
Mangalam Industrial Finance Ltd is a prominent Indian financial services company that primarily offers a range of investment and financial solutions. Established in the 1980s, it has positioned itself as a key player in the financial sector, catering to individual and institutional clients.
The company’s services include trading in equities, commodities, and derivatives, along with providing financial advisory, asset management, and wealth management services.
Mangalam Financial Corporation is known for its strong reputation in facilitating seamless investment opportunities and ensuring client satisfaction.
Financials
The company’s revenue rose by 40 percent from Rs 0.65 crore to Rs 0.91 crore in Q2FY24-25. Meanwhile, Net profit rose from loss of Rs 0.59 crores to profit of Rs 0.41 crore during the same period.
Key Financial ratios
Mangalam Financial Corporation Ltd has an Return on Equity (RoE) of 2.59 percent and a Return on Capital Employed (RoCE) of 3.18 percent. Furthermore, the company’s debt-to-equity ratio is 0.
Written by Sridhar
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