Mercury EV-Tech's consolidated net profit rises - Check details

Mercury EV-Tech has announced its financial results for the July-September quarter of FY25. According to the exchange filing, the company's net profit increased 171.19 per cent to around Rs 1.60 crore in the September 2024 quarter from around Rs 0.59 crore in the September 2023 quarter. 

The company's sales increased 252.90 per cent to Rs 19.48 crore in the quarter that ended in September 2024 against Rs 5.52 crore in the year-ago quarter, which concluded in September 2023.

Earlier, the company informed exchanges that its board has approved the proposal to acquire a 70 per cent stake in Haitek Automotive Private Limited. As part of this acquisition, the company will acquire 3,50,000 equity shares of Haitek Automotive.

"Approved the acquisition/purchase of 70% stake in Haitek Automotive Private Limited, equivalent to 350,000 equity shares of Rs.10/- each at a price of Rs.10/- each, total consideration being Rs.35,00,000," the company said in an exchange filing.

Following this, Haitek Automotive Private Limited will be considered a subsidiary company of Mercury EV-Tech Limited - which is engaged in the manufacturing of electric vehicles like scooters, cars, buses, etc.

Meanwhile, equity benchmark indices declined in early trade on Monday, owing to relentless foreign fund outflows, selling in IT stocks and weak leads from the US markets.

The BSE benchmark Sensex declined 156.72 points to 77,423.59 in early trade. The NSE Nifty dipped 64.25 points to 23,468.45.

From the 30-share Sensex pack, Infosys, Tech Mahindra, HCL Technologies, Tata Consultancy Services, NTPC, Axis Bank, Tata Motors and IndusInd Bank were the major laggards.

HDFC Bank, Tata Steel, Bajaj Finance and Asian Paints were among the gainers.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,849.87 crore on Thursday, according to exchange data.

Foreign investors have pulled out Rs 22,420 crore from the Indian equity market so far this month, owing to high domestic stock valuations, increasing allocations to China, and the rising US dollar as well as Treasury yields.