Mercury EV-Tech shares locked at a 5% upper circuit for the fifth consecutive session on Tuesday, driven by strong buying momentum. Over the past week, Mercury EV-Tech shares have surged by over 25%, making it a hot pick for those looking to invest in stocks. The company's recent performance has caught the attention of investors, solidifying its position in the market.
On September 30, Mercury EV-Tech announced its decision to acquire a 70% stake in Haitek Automotive Private Limited for ₹35 lakh. The acquisition will involve the purchase of 350,000 equity shares at ₹10 each, as confirmed by the company's filing with the BSE. With this strategic move, Haitek Automotive will now become a subsidiary of Mercury EV-Tech. This acquisition is expected to significantly enhance Mercury's footprint in the electric vehicle sector, particularly in the electric three-wheeler market.
For those looking to invest in stocks, this acquisition signals a major step for Mercury EV-Tech as it leverages Haitek's established manufacturing and sales networks. The acquisition is likely to boost Mercury's market share and profitability, providing long-term benefits to shareholders. The completion of the acquisition is expected within 90 days.
Haitek Automotive, which focuses on manufacturing electric vehicles and distributing electric three-wheelers, aligns well with Mercury EV-Tech's expansion strategy. Mercury highlighted the importance of the acquisition, citing West Bengal's growing demand for three-wheelers and its potential for economies of scale. This move is expected to lower production costs while enhancing efficiency, making it an attractive opportunity for those aiming to invest in stocks.
By gaining a controlling stake, Mercury EV-Tech will be able to capitalise on Haitek's existing distribution channels, operations, and customer base. This acquisition also opens the door for collaboration in technology and innovation, which could further strengthen Mercury's position in the electric vehicle market.
In addition to the acquisition, Mercury EV-Tech's board approved two key appointments. Ajay Ramkrishna Shukla was appointed as an Additional Independent Director for a second five-year term starting from October 1, 2024. Additionally, Arif Rajjak Sayyad was appointed as an Additional Non-Executive-Non Independent Director, also effective from October 1, 2024. These appointments are part of the company's long-term strategy to strengthen its leadership team and drive growth, which could be a significant factor for those considering investing in stocks.
Mercury EV-Tech has seen a tremendous rise in its stock price. Over the past month, the stock has jumped more than 81%, while its three-month performance has soared over 86%. Year-to-date, the stock has gained 11%, providing multibagger returns of more than 171% over the last year. In an astonishing three-year run, Mercury EV-Tech has delivered a staggering 19,400% return, solidifying its status as a multibagger stock.
For investors looking to invest in stocks with high growth potential, Mercury EV-Tech's remarkable performance and strategic acquisitions present a compelling opportunity. At 10:20 am on Tuesday, the stock was trading at ₹132.60 per share on the BSE, continuing to attract strong buying interest.
In summary, Mercury EV-Tech's recent developments, from strategic acquisitions to board appointments, coupled with its strong stock performance, make it an appealing choice for those considering share market investments. Whether you're a seasoned investor or new to the game, Mercury EV-Tech's growth trajectory offers plenty of reasons to consider investing in stocks.
For android only