Wardwizard Innovations' share shows 20% jump after $1.3-bn contract with Beulah International

Following the company's recent news that it had secured a major order for $1.29 billion (Rs 10,768 crore) from Beulah International Development Corporation, a Philippines-based enterprise, shares of Wardwizard Innovations & Mobility Limited jumped 20 per cent to hit the upper circuit.

The market value of Wardwizard Innovations, a manufacturer of electric vehicles (EVs), is Rs 1,360 crore.

The OEM is BSE-listed. Wardwizard will deliver electric two- and three-wheelers in the commercial and passenger segments as part of the latest agreement. The business will also create four-wheeler commercial cars specifically for the Philippine market.

Beulah International Development Corporation is one of the best full-service business integrators with an emphasis on renewable energy and sustainability.

The Public Utility Vehicle Modernization Programme (PUVMP), headed by the Department of Transportation in the Philippines, is supported by this cooperation.

According to PTI, the project seeks to improve everyday transport services by substituting newer electric cars for antiquated petrol and diesel ones.

According to the article, the partnership with Wardwizard Innovations is anticipated to have a major positive impact on the development of electric vehicles and environmentally friendly transportation in the Philippines.