Wardwizard Innovations to form joint venture in Saudi; share price rises 6%
Source: Business Standard
Wardwizard Innovations stock rises: Shares of Wardwizard Innovations and Mobility rose up to 5.93 per cent to hit an intraday high of Rs 57.45 per share on Monday, September 9, 2024.
The uptick in Wardwizard Innovations and Mobility share price came after the company on Friday, September 6, 2024, said it received a letter of intent (LoI) to form a joint venture (JV) in Saudi Arabia.
The JV is aimed at establishing an assembly plant and an EV cell plant in the kingdom of Saudi Arabia (KSA).
The assembly plant will initially focus on producing electric two-wheelers, three-wheelers and four-wheelers, with plans to expand in the future to include electric bus production.
Additionally, the EV cell plant will be dedicated to manufacturing electric vehicle cells.
“We are honoured to receive this Letter of Intent from His Royal Highness Prince Abdulaziz Bin Turki Bin Talal Bin Abdulaziz Al Saud. This partnership is a significant endorsement of our capabilities in the electric mobility sector. With the completion of the feasibility study, we are confident that this Joint Venture will contribute to the Kingdom’s vision for a sustainable future while strengthening our global presence,” said Yatin Gupte, chairman and managing director of Wardwizard Innovations & Mobility.
The company, however, did not disclose the cost associated with entering into the joint venture.
“As part of the Joint Venture, Wardwizard Innovations will bring its technological expertise and intellectual properties (IPs), including its advanced EV technologies and innovative manufacturing processes. These contributions are expected to strengthen the joint venture’s position in the growing EV market and support Saudi Arabia’s transition towards an environmentally friendly transportation ecosystem,” the company said.
Wardwizard Innovations & Mobility Limited is among the leading forces in India’s electric vehicle (EV) sector through its Joy e-bike brand.
As the first EV manufacturer listed on the Bombay Stock Exchange (BSE), the company is dedicated to capitalising on the burgeoning growth potential of the Indian EV market to drive future progress.
With a diverse portfolio of over 10 models spanning both high and low-speed categories, Wardwizard has made a significant impact across more than 400 major cities in India.
The market capitalisation of Wardwizard Innovations is Rs 1,437.73 crore, according to Bombay Stock Exchange (BSE). The company falls under the BSE SmallCap category.
At 1:40 PM, shares of Wardwizard Innovations were trading 1.62 per cent higher at Rs 55.11 per share. In comparison, BSE Sensex was trading 0.35 per cent higher at 81,469.28 levels.
First Published: Sep 09 2024 | 1:48 PM IST
