Mercury EV-Tech Ltd Soars: Key Updates
Stock Movement: On September 13, 2024, Mercury EV-Tech Ltd shares hit a 5% upper circuit limit, reaching Rs 96.97 from Rs 92.36. The stock’s 52-week range is between Rs 43.45 and Rs 143.8.
Board Meeting Announcement: The Board of Directors will meet today to discuss potential fundraising through convertible equity warrants and/or equity shares, pending necessary approvals.
Regulatory Milestone: The Gujarat Energy Development Agency (GEDA) has approved Mercury EV-Tech to market and distribute lithium-ion battery-operated E-Rickshaws in Gujarat for FY 2024-25. The L5 and L3 category E-Rickshaws will also qualify for a Rs 48,000 subsidy per vehicle, enhancing the company's position in the EV market.
Company Overview: Mercury EV-Tech Ltd, formerly Mercury Metals Ltd, specializes in manufacturing electric scooters, cars, buses, and more. With a market cap exceeding Rs 1,400 crore, the company has shown impressive financial growth, including multibagger returns of 100% in 1 year, 13,000% in 3 years, and 23,225% in 5 years.
Investment Potential: Given its strong performance and recent approvals, Mercury EV-Tech is a notable micro-cap stock for investors to watch.
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