India's Kabra Extrusion hits record high on battery unit fundraise

Kabra Extrusion Technik

27/12/2021 07:05

** Industrial machinery maker's shares  KBRE.NS  jump 20% to
428.50 rupees; hit all-time high
    ** Kabra Extrusion Technik's board approves capital
expenditure of up to 1 bln rupees ($13.31 mln) for expansion of
its battery unit, Battrixx  urn:newsml:reuters.com:*:nBSE5b6qb4
    ** Board also approves raising of additional working capital
of up to 2 bln rupees ($26.62 mln) from financial institutes
    ** Capital infusion will help Battrixx increase annual
production capacity from 100,000 battery packs to 700,000 by
FY24-end
    ** Unit aims to reach 2 GWh capacity over next 12-18 months 
    ** Over 1.3 mln shares change hands; 3.8x 30-day moving
average
    ** Including session's gains, KBRE stock up more than 4x for
the year

 ($1 = 75.1420 Indian rupees)

 (Reporting by Shivani Singh in Bengaluru)
 ((ShivaniSingh1@thomsonreuters.com; +91 89 6969 2349))