India's Amara Raja hits over 3-year high; Exide at record high

Exide Industries

16/04/2024 11:08

** Shares of Amara Raja Energy & Mobility  AMAR.NS  rise as
much as 10.4% to 963.45 rupees, their highest since Feb 2021 
    ** Exide Industries  EXID.NS  rise as much as 9.5% to a
record high of 448 rupees 
    ** Reuters could not immediately ascertain a reason for
stock move
    ** Exide has surged 40% in six sessions since it signed a
deal to supply batteries to Hyundai  005380.KS  and Kia
 000270.KS  for their EVs
    ** Nomura raised its PT on Exide to 485 rupees from 233
rupees
    ** Nomura expects 4W EV penetration in India to rise from 2%
in FY24 to 20% by FY30F and demand for automotive battery cells
to increase nearly 8x over that period
    ** Exide up ~47% YTD, while AMAR up ~18% vs ~17% gain in
Nifty auto index  .NIFTYAUTO 

 (Reporting by Sethuraman NR in Bengaluru)
 ((Sethuraman.NR@thomsonreuters.com; (+91 9945291420); Reuters
Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))