Wardwizard Innovations share price hits upper circuit at ₹62.71, surges 20 per cent. Here's Why

Wardwizard Innovations Share Price: Wardwizard Innovations & Mobility Limited share price hit a new upper circuit at ₹62.71 up 20 per cent as soon as the market opened on June 10, at 9:15 am on BSE.

Wardwizard Innovations is an electric vehicle (EV) manufacturing company with a market capitalisation of ₹1800 crore, according to the company's website. The EV maker is listed on BSE. The company is still around 27 per cent down from its 52-week high of ₹86.50, as per BSE.

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Why did Wardwizard Innovations share price surge?

Wardwizard Innovations share price movement followed the company's recent announcement on June 7 about securing a substantial order worth USD 1.29 billion (approximately ₹10,768 crore) from Beulah International Development Corporation, a Philippines-based firm. Wardwizard will supply electric two-wheelers and three-wheelers in both commercial and passenger segments as part of this deal. Additionally, the company will also develop four-wheeler commercial vehicles for the Philippine market.

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"India is becoming a hub of electric mobility for the global market, and such collaborations are a testament to our efforts in this direction," stated Wardwizard Innovations Mobility Chairman & Managing Director Yatin Gupte, as quoted by PTI.

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 The initiative aims to enhance the daily transportation service by replacing outdated petrol and diesel vehicles with modern electric alternatives, the report added.

"Besides changing the face of the transportation system, this initiative will create new employment opportunities and bring significant investment to support the local economy over the next 10 years," said Beulah International Development Corporation President Nadia Arroyo, as quoted by PTI.

Beulah International Development Corporation is a leading full-service business integrator specializing in sustainability and renewable energy. The collaboration with Wardwizard Innovations is expected to significantly contribute to the advancement of electric mobility and sustainable transportation in the Philippines, as per PTI.