India's Amara Raja hits record high after unit bids for battery-making incentives

Exide Industries

23/04/2024 10:06

** Shares of battery-maker Amara Raja Energy & Mobility
 AMAR.NS  rise 15.2% to record 1,200 rupees
    ** Unit Amara Raja Advanced Cell Technologies among seven
bidders for India's advanced chemistry cell manufacturing PLI
scheme
    ** Stock was up 7% before the news; it previously hit record
high in Aug 2015
    ** "Should Amara Raja get approved for the PLI scheme and
meet localisation norms, it could offer them better cost
structures and competitive pricing, which would help it gain
market share among auto OEMs" - Jay Kale, Vice President, Elara
Capital
    ** Around 11 mln shares traded, 5.8x 30-day avg volume
    ** Analysts tracking AMAR rate it "hold" on avg, same as
rival Exide Industries  EXID.NS  - LSEG data
    ** AMAR up 44% YTD, just shy of EXID's 46% rise this year

 (Reporting by Nandan Mandayam in Bengaluru)
 ((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))