Stock of THIS company gains as NCLT approves merger with EV Nest – Details here

From a technical standpoint, the stock of Mercury EV Tech is showing interesting patterns. It is liquid enough for a trade size of Rs 0.05 crore, based on 2 per cent of the 5-day average traded value.

Today, the spotlight is on Mercury EV Tech, an electric vehicle company, as it announces a significant development. The National Company Law Tribunal (NCLT) has given its nod to the Composite Scheme of Arrangement between EV Nest Private Limited and Mercury EV-Tech Limited. This approval, a crucial step in the company’s journey, sets the merger’s appointed date 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.

Despite the broader market trends, the stock of Mercury EV Tech opened in the green at Rs 51.93 on the BSE, a positive start compared to its previous close of Rs 51.01 on the same exchange. This resilience is noteworthy, especially 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.

From a technical standpoint, the stock of Mercury EV Tech is showing interesting patterns. It is liquid enough for a trade size of Rs 0.05 crore, based on 2 per cent of the 5-day average traded value. The stock is currently trading higher than its 5-day, 20-day, and 50-day moving averages, but lower than its 100-day and 200-day moving averages, indicating a mixed trend.

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.