Auto Stock Under ₹150: Mercury Ev-Tech Soars 80% in One Month, Hits Upper Circuit for Fifth Straight Session

Mercury Ev-Tech’s share price hit the 5% upper circuit for the fifth consecutive session on Tuesday, driven by strong buying interest. Over the past week, the stock has surged more than 25%.

The company recently announced that its board has approved the acquisition of a 70% stake in Haitek Automotive Private Limited for ₹35 lakh.

In a BSE filing on September 30, Mercury Ev-Tech stated, “The Board of Directors, at its meeting today, approved the purchase of a 70% stake in Haitek Automotive Private Limited, which equates to 350,000 equity shares at ₹10 per share, with a total value of ₹35,00,000.”

Following the acquisition, Haitek Automotive Private Limited will become a subsidiary of Mercury EV-Tech Limited. Haitek specializes in manufacturing electric vehicles and distributing electric three-wheelers. The acquisition is expected to be completed within 90 days.

According to Mercury Ev-Tech, acquiring a majority stake in Haitek is a strategic decision aimed at strengthening the company’s position in West Bengal’s growing three-wheeler market. This move is expected to improve production efficiency and reduce costs.

Mercury Ev-Tech plans to benefit from Haitek’s operations, distribution network, and customer base, which could boost market share and profitability. The acquisition may also lead to shared resources, technology advancements, and product innovation.

Additionally, the board of Mercury Ev-Tech approved the appointment of Ajay Ramkrishna Shukla as an Additional Director in the Independent Director category for a second five-year term, starting October 01, 2024. Arif Rajjak Sayyad was also appointed as an Additional Director in the Non-Executive-Non-Independent category from the same date.

Mercury Ev-Tech Share Performance

Mercury Ev-Tech’s share price has jumped by over 81% in the past month and 86% in three months. Year-to-date (YTD), the stock has risen 11%, while it has delivered multibagger returns of more than 171% in one year and an incredible 19,400% return in three years.

As of 10:20 am on Tuesday, the stock remained locked at the 5% upper circuit, trading at ₹132.60 per share on the BSE.