Shares of smallcap EV maker settle 15% higher on BSE despite broader market selloff

Stock rises in trade. 

Shares of smallcap electric vehicle (EV) maker Mercury Ev-Tech on Friday settled nearly 15 percent higher on the BSE, bucking the weak trend in the broader equity market amid strong buying interest.

The stock opened with a gain of 4.4 percent at Rs 33 and extended the momentum to touch an intraday high of Rs 36.55. It later settled at Rs 36.28  per share, up 14.81 percent on the BSE.

Trading activity in the counter remained robust, with volumes jumping nearly 3.5 times. According to BSE data, more than 11 lakh shares of the company were traded during the session, sharply higher than the two-week average volume of 3.18 lakh shares.

The shares of the company have now advanced for the second consecutive session, gaining over 20 percent during this period.

The company is a constituent of the BSE Smallcap index and is engaged in the manufacturing and trading of a range of electric vehicles, including scooters, cars, buses, commercial loaders and golf carts.

Meanwhile, equity benchmark indices Sensex and Nifty gave up early gains to end lower, dragged down by sustained selling by foreign institutional investors.

The BSE Sensex opened higher at 82,335.94 and climbed to a day’s high of 82,516.27 in early trade. However, profit-booking at higher levels pulled the index into negative territory, and it closed at 81,537.70, down 769.66 points or 0.94 per cent.

The broader NSE Nifty also pared gains and slipped below its 200-day moving average to settle at 25,048.65, down 241.25 points or 0.95 per cent. During the session, the index moved between a high of 25,347.95 and a low of 25,025.30.

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