Wardwizard Innovations & Mobility Ltd.'s shares were locked in the 20% upper circuit on Monday after it secured a $1.29 billion contract from Beulah International Development Corp.
WIML will deliver electric two-wheelers and three-wheelers in commercial and passenger vehicle segments as part of the deal. It will also develop four-wheelers for commercial vehicles for Philippine markets, according to an exchange filing.
Beulah International is a Philippines-based engineering, procurement, and construction firm. The deal is part of an initiative by the government of the Philippines to replace motor vehicles used for public transport that run on petroleum and diesel with electronic vehicles. This initiative is known as the 'Public Utility Vehicle Modernisation Programme'.
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Shares of the company were locked in 20% upper circuit of Rs 62.71 apiece, compared to a 0.27% advance in the benchmark Nifty 50 at 10:23 a.m.
The stock has risen 13.03% year-to-date and 35.62% in the last 12 months. Total traded volume so far in the day stood at 14 times its 30-day average. The relative strength index was at 65.82.
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