India's Rajesh Exports rises after co wins incentives under battery scheme

Rajesh Exports

24/03/2022 07:07

** Shares of the Indian jewellery maker  REXP.NS  rise as
much as 4.3% to their biggest intraday percentage gain since
March 17
    ** The govt said on Thursday Rajesh Exports along with
Reliance Industries  RELI.NS , Softbank Group-backed  9984.T 
Ola Electric and Hyundai Global Motors Co will receive
incentives under India's programme to boost local battery cell
production  urn:newsml:reuters.com:*:nFWN2VQ10W
    ** Rajesh Exports has won incentives for 5 Gwh capacity
    ** The manufacturing facility should be set up within a
period of two years and incentive will be disbursed on sale of
batteries manufactured in India, govt said
    ** The Indian govt last year finalised a $2.4 billion
programme to encourage companies to make battery cells locally
as it seeks to establish a domestic supply chain for clean
transport and renewable energy storage
    ** About 169,030 shares change hands vs 30-day avg of
175,625
    ** REXP shares down 4% YTD after gaining 50.3% last year

 (Reporting by Nallur Sethuraman in Bengaluru)
 ((Sethuraman.NR@thomsonreuters.com; (+91 8061822737); Reuters
Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))