Smallcap EV stock surges 20% after winning a billion-dollar Philippines deal
Shares of small-cap EV manufacturer Wardwizard Innovations and Mobility (WIML) soared by 20% on the BSE during Monday's trading session, reaching the day’s high of Rs 62.71. This surge was fueled by the company's announcement of securing a $1.29 billion contract from a Philippines-based company, Beulah International Development Corporation.
Shares of smallcap EV manufacturer (WIML) surged 20% on BSE in Monday's trade to the day’s high of Rs 62.71 as the company won a $1.29 billion from a Philippines-based company, .“Wardwizard Innovations & Mobility Limited Receives USD 1.29 Billion Order from Beulah International Development Corporation to Revolutionize Philippines with ,” said the company in a filing to the exchanges.
The company is a prominent manufacturer of electric vehicles under the ‘’ and ‘Joy e-rik’ brands in .
With this deal, WIML will be able to deliver products from its existing portfolio, including electric two-wheelers, and three-wheelers in the commercial and passenger vehicles segment, and develop four-wheelers for commercial vehicles for the Philippines markets.
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“India is becoming a hub of electric mobility for the global market, and such collaborations are a testament to our efforts in this direction. This opportunity will allow us to introduce our cutting-edge electric 2W Scooters, and develop 3W e-Trike (D+10), e-Trike (D+3 Passenger), e-Trike (D+5), e-Trike Cargo, Electric Mini Truck (1.5 Ton) and Golf Carts (6 & 14 seater) for the Philippines market,” said , Chairman & Managing Director of the company.
This order is part of a strategic collaboration, formalized through a Memorandum of Understanding (), to revolutionize the public transportation system in the Philippines with electric vehicles, added WIML in its filing.
The shares of WIML have surged 30% in the last one year while it has gained 11.7% in the current calendar year. Further, in the last one week alone, the stock has increased by 20.60%.
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Source: Stocks-Markets-Economic Times
