Wardwizard Innovations stock skyrockets 20% on $1.3-bn EV contract from Beulah International

Wardwizard Innovations & Mobility Limited operates in the electric vehicle manufacturing sector in multiple countries, including India, Uganda, and Nepal.

Shares of Wardwizard Innovations & Mobility Limited surged 20 percent to hit the upper circuit after the company's recent announcement about securing a substantial order worth $1.29 billion (Rs 10,768 crore) from Beulah International Development Corporation, a Philippines-based firm.

Wardwizard Innovations is an electric vehicle (EV) manufacturing company with a market capitalisation of Rs 1,360 crore.

The EV maker is listed on BSE. As part of the recent deal, Wardwizard will supply electric two-wheelers and three-wheelers in both commercial and passenger segments. Additionally, the company will also develop four-wheeler commercial vehicles for the Philippine market.

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Beulah International Development Corporation is a leading full-service business integrator specializing in sustainability and renewable energy.

This partnership supports the Philippine government's Public Utility Vehicle Modernisation Programme (PUVMP), led by the department of transportation.

The initiative aims to enhance the daily transportation service by replacing outdated petrol and diesel vehicles with modern electric alternatives, reported PTI.

The collaboration with Wardwizard Innovations is expected to significantly contribute to the advancement of electric mobility and sustainable transportation in the Philippines, the report said.

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At 12:19 pm, Wardwizard Innovations & Mobility shares were locked at 20 percent upper circuit at Rs 62.71 on BSE. In the last one year, the stock has gained just 28 percent, narrowly beating benchmark Sensex's return of 22 percent during this period.

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