Up 45% in two days! This smallcap stock rises despite promoter selling. Here's why

Shares of Wardwizard Innovations & Mobility Ltd have zoomed in two sessions as the counter continued to hit upper circuit for another trading session on Tuesday after winning a multi-million order to supply electric vehicles from Philippines over the weekend.

Wardwizard Innovations & Mobility (WIML) has secured a significant order worth $1.29 billion from Beulah International Development Corporation, Philippines, said the media release. This order is formalized through a memorandum of understanding (MoU), to revolutionize the public transportation system in the Philippines with electric vehicles.

Shares of Wardwizard Innovations & Mobility surged another 20 per cent to open at Rs 75.25, commanding a total market capitalization of close to Rs 2,000 crore. The scrip had settled at Rs 62.71 on Monday, up 20 per cent for the day. The stock has zoomed about 45 per cent in just two sessions.

Following the upper circuit on Monday, its promoter entity Wardwizard Solutions India Pvt Ltd, one of the promoter entities of the company, sold 25,00,000 equity shares, or about 1 per cent stake, for Rs 62.71 apiece. The total transaction was valued at Rs 15.68 crore.

"With this order win, Wardwizard Mobility will deliver products from its existing portfolio, including the electric two-wheelers, three-wheelers in the commercial and passenger vehicles segment and develop four-wheelers for commercial vehicles for Philippines markets," the filing said.

Wardwizard Mobility is a prominent manufacturer of electric vehicles under the ‘Joy e-bike’ and ‘Joy e-rik’ brands in India, while Beulah International Development Corporation is one of the renowned full-service business integration companies and EPC firms in Philippines, backed by RP Connect.