Wardwizard Innovations stock skyrockets 20% on $1.3-bn EV contract from Beulah International

Wardwizard Innovations & Mobility Shares experienced a 20 percent increase, reaching the upper circuit, following the company's announcement of obtaining a significant order valued at $1.29 billion (₹10,768 crore) from Beulah International Development Corporation, a firm based in the Philippines.

Wardwizard Innovations, an electric vehicle (EV) manufacturing company, has a market capitalisation of ₹1800 crore, according to its website. Listed on the BSE, the company remains approximately 27 percent below its 52-week high of ₹86.50, as reported by the BSE.

Under the recent agreement, Wardwizard will provide electric two-wheelers and three-wheelers for both commercial and passenger use. Furthermore, the company will also develop four-wheeler commercial vehicles specifically for the Philippine market.

Beulah International Development Corporation is a leading full-service business integrator specializing in sustainability and renewable energy.

This collaboration aligns with the Philippine government's Public Utility Vehicle Modernisation Programme (PUVMP), overseen by the Department of Transportation. The initiative seeks to improve daily transportation services by substituting old petrol and diesel vehicles with modern electric alternatives, according to a report by PTI.

The collaboration with Wardwizard Innovations is expected to significantly contribute to the advancement of electric mobility and sustainable transportation in the Philippines, the report said.

The agreement, formalized through a Memorandum of Understanding (MoU), involves WIML supplying its current electric two-wheeler and three-wheeler models to the Philippines. Additionally, the company will develop new four-wheeler commercial vehicles tailored for the Philippine market, according to the company's exchange filing.

WIML is a prominent auto manufacturer in India's EV sector, operating under the brand name Joy e-bike. The company offers over 10 models in both high-speed and low-speed categories, and has established a strong presence in more than 400 major cities across India. WIML aims to expand this reach further throughout the country.

WIML's current production capacity is 4-6 lakh two-wheeler units and 40,000-50,000 three-wheeler units per year. With the order valued at ₹10,800 crore, the company expects to fulfill it in three years.

BEULAH, supported by RPConnect Group and headquartered in the Philippines, is a prominent full-service business integrator focusing on sustainability and renewable energy. India is swiftly advancing towards becoming a major hub for EV production. The electrification of the transport sector is progressing at an impressive rate. As climate change becomes more severe, there is a growing awareness among people, and businesses are adapting their EV technologies accordingly.

The Indian government's initiatives, such as the National Electric Mobility Mission Plan 2020, Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME), and Production Linked Incentives, have significantly supported the industry. Meanwhile, the EV sector has been focusing on developing charging infrastructure and battery swapping solutions to accelerate the electrification of transportation.

"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, a leading full-service business integrator specializing in sustainability and renewable energy, is collaborating with Wardwizard Innovations. This partnership is anticipated to significantly enhance the progress of electric mobility and sustainable transportation in the Philippines, according to PTI.