India's Amara Raja soars to record high on EV battery deal with China's Gotion

Exide Industries

25/06/2024 05:07

** Shares of Amara Raja Energy & Mobility Ltd  AMAR.NS  rise
as much as 19.5% to record 1,648.70 rupees
    ** Battery maker signs licensing agreement with China's
Gotion  002074.SZ  for Li-ion batteries used in EVs
    ** AMAR to get access to cell technology IP, support for
establishing gigafactory; be integrated into Gotion's global
supply chain network
    ** Stock set for best day since Jan 2008, if gains hold
    ** Around 4 mln shares traded, 1.3x the 30-day avg volume
    ** Analysts on avg rate both AMAR and rival Exide Energy
Solutions  EXID.NS  as "hold" - LSEG data
    ** AMAR has risen two-fold this year vs EXID's ~89% YTD rise


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