Shares of electric vehicle company Mercury EV Tech are in focus today as the company has informed exchanges that the National Company Law Tribunal (NCLT) has approved the Composite Scheme of Arrangement between EV Nest Private Limited and Mercury EV-Tech Limited. The merger's appointed date is set for April 1, 2023. Mercury EV-Tech is now in the process of filing the necessary e-form INC-28, along with a copy of the order and the scheme, with the registrar of companies within 30 days.
Share Price Today
The stock opened in the green at Rs 51.93 on the BSE, against its previous close of Rs 51.01 on the same exchange. The stock traded in green even as the equity benchmark indices, Sensex and Nifty, dropped in early trade amid concerns over US President Donald Trump's decision to raise H-1B visa fees to USD 1,00,000 per worker.
Based on 2 per cent of the 5-day average traded value, the stock is liquid enough for a trade size of Rs 0.05 crore. Technically, the stock trades higher than 5-day, 20-day and 50-day moving averages but lower than 100-day and 200-day moving averages.
The stock's 14-day relative strength index (RSI) is 52.73. For the uninitiated, a level above 70 is considered overbought or overvalued, while a level below 30 is defined as oversold or undervalued.
The 52-week high of the stock is Rs 139.20 and 52-week low is Rs 45.
Share Market Today
The 30-share BSE Sensex dropped 475.16 points to 82,151.07 in opening trade. The 50-share NSE Nifty declined 88.95 points to 25,238.10.
From the Sensex firms, Tech Mahindra, Infosys, HCL Tech and Tata Consultancy Services were trading lower in the range of 3.88 to 2.26 per cent. Sun Pharma, Bharat Electronics, Axis Bank and Tata Steel were also among the laggards.
However, Adani Ports, Eternal, Trent and Bajaj Finance were among the gainers. President Trump on Friday signed a proclamation raising the fee on the visas used by companies to hire workers, including from India, to live and work in the US.
(This article is for informational purposes only and should not be construed as investment, financial, or other advice.)
