Mercury EV-Tech Hits 5% Upper Circuit On Signing MOU With SRBH Motors

Mercury EV-Tech Limited has inked the MOU with the much-acclaimed group- SRBH Motors Pvt Ltd who have developed various commercial E-vehicles like E-Tipper, E-Prime Movers, E-Dragger, E-Mini Bus, Cargo Containers etc. at SRBH Motor's Research and Development Centre at Mahiar, Madhya Pradesh where they have invested more than Rs. 20Cr for the development of the R&D facility.

On signing of this MOU, this established R & D Center is now a division of "Mercury EV-Tech Limited".

Apart from this, both companies have agreed to start manufacturing Cargo Containers at the Vadodara-based facility of Mercury EV Tech Ltd. The production at the Baroda plant is expected to commence within a month. The company has identified the location of the plant at Vadodara. This company will annually produce 700-800 containers in its 1st phase.

Both companies have agreed to work on the modifications and further development of the existing products of Mercury EV-Tech Limited.

Keeping the promise made in the previous year's Annual General Meeting (AGM), the company has developed its 4W loader and 3W High-Speed Rickshaw. It may be mentioned here that earlier this year the company received certificates of ASI-156 approved batteries for 2W high speed, 3W High Speed and 3W Low Speed E-vehicles. This has considerably expanded the product range of the company.

Mercury EV-Tech Limited has its own CED Coating plant which will start commercial production in the near future. It is notable that it is the first CED plant in Gujarat in the Automobile Sector in its segment. In this segment, this is the only company with such an expansive facility of CED plant.

Mercury EV-Tech Limited has already announced the approval of its best-in-kind 3W L3 Vehicle which is also a unique product. These E-vehicles have the best features. These were launched in the market by the company on 18th August 2023 in a mega show followed by a huge rally covering a distance of 80 km. The rally was flagged off by the eminent celebrities of the Gujarat state.

Mercury EV-Tech Limited is a pioneer in the manufacturing of Electric Scooter, Electric Car, Electric Bus, Electric Vintage cars, Electric Golf Car and Electric Vehicles in India. It develops custom electric vehicles for a wide range of applications, including hospitality, industry, golf courses, Club and Resorts. In the recent past, the company started its R&D on Electric 2W, 3W, and 4W.

The company has already started the development of key components like chassis of 2W and 3W. The company has formed in house assembly line for the 2W& 3W products where production of 3W has been started with the brand name of "Tejashvi". The company owns an 18-acre land where it has started setting up an in-house facility for manufacturing key components like battery, chassis, motor controller, brake shoe, CED paint and an already operational assembly line.

On Monday, the shares of Mercury Ev-Tech were trading at a 5% upper circuit limit of Rs 50.62 during the morning deals.