Shares of Wardwizard Innovations & Mobility Ltd zoomed 13% in the afternoon session in an otherwise weak market today. The electric vehicle maker under the ‘Joy e-bike’ brand in India inked a memorandum of understanding (MoU) with the Gujarat government to invest Rs 2,000 crore in the development of an electric vehicle ancillary cluster by 2024.
Wardwizard Innovations shares climbed 13.18% to Rs 43 against the previous close of Rs 37.99 on BSE. Wardwizard Innovations stock opened lower at Rs 37.50 on BSE. Total 19.46 lakh shares of the firm changed hands amounting to a turnover of Rs 7.91 crore. Market cap of the firm rose to Rs 1074 crore on BSE.
The stock is neither oversold nor overbought on technical charts with its relative strength index (RSI) at 37.1. It had low volatility of 0.7 in a year. Wardwizard Innovations shares have zoomed 38% this year and risen 22.37% in the last one year.
Wardwizard Innovations shares are trading higher than 5 day, 10 day, 20 day, 30 day, 50 day but lower than the 100 day, 150 day and 200 day moving averages.
The e-vehicle stock hit a 52-week high of Rs 78 on December 6, 2023 and a 52-week low of Rs 33.21 on July 13, 2023.
“This agreement is geared towards fostering the growth of the electric vehicle industry and aligning with the government's vision of enhancing green mobility within the state. The signing of the MOU with the Gujarat Government was a significant event held as part of the Vibrant Gujarat Global Summit 2024 in Gandhinagar,” said the company.
“Under the agreement, Wardwizard is set to make a substantial investment of Rs 2,000 crore, spanning various critical areas. This includes research and development of electric 2 & 3 wheelers, the establishment of motor assembly at Vadodara's facility, Li-ion Cell production, and the development of ancillaries for raw material manufacturing,” it added.
Yatin Sanjay Gupte, Chairman & Managing Director, Wardwizard Innovations & Mobility said, “We extend our heartfelt gratitude to the Government of Gujarat for their steadfast support. Our vision, aligned with the government's, drives this transformative partnership. This MoU solidifies our commitment to electric mobility and the 'Make-in-India' initiative. With a significant Rs 2,000 crore investment, we fortify the local ecosystem, generating 5,000 employment opportunities, and driving a greener, self-reliant India. This investment is pivotal for 'Make-in-India,' easing supply chain pressures, and curbing import dependencies, as we prepare to manufacture Lithium-Ion Cells, Motor Controller, Chargers in-house while also investing in technology and innovation, expanding our research and development efforts, and growing our marketing initiatives."
Meanwhile, Sensex ended 901 points lower at 63,148 and Nifty lost 265 points to 18,857.
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