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Stock under ₹5 hits 5% upper circuit after it signs MoU with EV firm to finance electric 3 wheelers

Small cap stock has signed an MOU to offer tailored financing for electric three-wheelers under the ‘Joy E-Rik’ brand, supporting entrepreneurs, fleet operators, and small businesses across India with flexible loan terms.
Stock under ₹5 hits 5% upper circuit after MoU signed with EV firm for financing.

Introduction:

Strategic MOU has been signed with a leading non-banking financial company to offer tailored financing solutions for electric three-wheelers under the ‘Joy E-Rik’ brand. The partnership aims to promote electric vehicle adoption, especially in underserved markets.

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Share price movement of Mangalam Industrial:

On December 12, 2024, Mangalam Industrial Finance Ltd opened at ₹3.58, up 0% from its previous close of ₹3.58. The stock reached a high of ₹3.75 (4.75%) and a low of ₹3.58. By 11:47 AM, it traded at ₹3.75, a 4.75% increase, with a market cap of ₹407.08 crore.

Mangalam Industrial partners for electric three-wheelers:

Mangalam Industrial Finance Limited (MIFL) has entered into a strategic MOU with WardWizard Innovations and Mobility Limited to offer financing for electric three-wheelers under the ‘Joy E-Rik’ brand. This collaboration aims to boost electric vehicle adoption across India, supporting L3 and L5 models.

The partnership will provide affordable financing options, featuring flexible loan tenures and competitive interest rates. This initiative targets entrepreneurs, fleet operators, and small businesses, helping them access electric three-wheelers, including passenger and cargo models.

The MOU will support WardWizard’s dealer network expansion, enabling wider access to electric vehicles in Tier 1, Tier 2, and rural markets. By offering tailored financing, the initiative aims to empower local businesses and contribute to the growth of electric mobility across India.

Stock performance of Mangalam Industrial for Period of 1 week, 6 months and 1 year:

Mangalam Industrial Finance Ltd. has shown a 1.42% return over the past week, but its performance over the last 6 months and 1 year has been negative, with declines of 25.3% and 17.9%, respectively.

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Shareholding pattern of Mangalam Industrial:

All values in %Sep 2024Jun 2024Mar 2024
Promoter69.10%69.10%69.10%
FII0.00%0.00%0.00%
DII0.00%0.00%0.00%
Public30.90%30.90%30.90%
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About Mangalam Industrial:

Mangalam Industrial Finance Ltd (NSE: MANGIND) was incorporated in 1983 and offers diverse financial solutions, including loans for electric two-wheelers, unsecured business loans, and trade financing. It operates in shares, securities, mutual funds, and corporate financing.

Disclaimer: The above article is written for educational purposes, and the companies’ data mentioned in the article may change with respect to time The securities quoted are exemplary and are not recommendatory.

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