Wardwizard Innovations up 20% on $1.29-billion order from Beulah Int'l

WIML will deliver its existing electric two-wheeler and three-wheeler models to the Philippines, alongside developing new four-wheeler commercial vehicles specifically for the Philippines market

Wardwizard Innovations & Mobility Limited (WIML) share price zoomed 20 per cent to Rs 62.71, hitting the upper limit circuit for the day, on the BSE on Monday at 09:35 AM. The surge in the stock price came after the Indian electric vehicle (EV) company, known for its Joy e-bike, said it has secured a $1.29 billion order from Beulah International Development Corporation (BEULAH), a Philippines firm.

Average trading volume on the counter more than doubled with 4.72 million equity shares changing hands on the BSE. There were pending buy orders for 6.54 million shares on the exchange, data shows.

The agreement, signed through a Memorandum of Understanding (MoU), will see WIML deliver its existing electric two-wheeler and three-wheeler models to the Philippines, alongside developing new four-wheeler commercial vehicles specifically for the Philippines market, the company said in an exchange filing.

WIML is one of India's leading auto manufacturing companies in the EV segment under the brand name Joy e-bike. With more than 10 models in its portfolio, in both high and low-speed categories, the company has established a strong presence in more than 400 major cities across India and aspires to boost this number 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 Rs 10,800 crore, the company expects to fulfill it in three years.

BEULAH, backed by RPConnect Group and based in the Philippines, is a leading full-service business integrator specialising in sustainability and renewable energy.

Back home, India is rapidly accelerating towards becoming the powerhouse of EV production. Electrification of the transport sector is proceeding at an extraordinary pace. As climate change intensifies, there is a corresponding increase in people's awareness and businesses modifying their EV technologies.

The Indian government's policies like the National Electric Mobility Mission Plan 2020, Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME), and Production Linked Incentives have been helpful to the industry. On the other hand, the EV industry has been working toward charging infrastructure and battery swapping to expedite the electrification of mobility.

According to the India Energy Storage Alliance (IESA) estimates, the EV market in India is expected to achieve a compounded annual growth rate (CAGR) of 49 per cent in the 2021-2030 period, with 10 million annual sales by 2030.