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Amara Raja Batteries soars on inking MoU with Govt of Telangana to setup Lithium-ion Battery Gigafactory

Amara Raja Batteries is currently trading at Rs. 653.30, up by 7.55 points or 1.17% from its previous closing of Rs. 645.75 on the BSE.

Amara Raja Batteries
Amara Raja Batteries

The scrip opened at Rs. 645.85 and has touched a high and low of Rs. 658.10 and Rs. 645.25 respectively. So far 39603 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 1 has touched a 52 week high of Rs. 667.10 on 18-Jan-2022 and a 52 week low of Rs. 438.15 on 20-Jun-2022.

Last one week high and low of the scrip stood at Rs. 658.10 and Rs. 640.00 respectively. The current market cap of the company is Rs. 11146.37 crore.

The promoters holding in the company stood at 28.06%, while Institutions and Non-Institutions held 28.49% and 43.45% respectively.

Amara Raja Batteries has signed a memorandum of understanding (MoU) with the Government of Telangana to setup state-of-the-art research and manufacturing facilities for lithium-ion battery-making in Mahbubnagar district, Telangana. The proposed facility will have a Lithium Cell Gigafactory with ultimate capacity up to 16 GWh and a Battery Pack Assembly unit up to 5 GWh. Over the next 10 years, the company intends to invest over Rs 9500 crore, after necessary approvals.

As the latest in its pivot to becoming an ‘Energy & Mobility’ enterprise, the company has chosen the State of Telangana to house the Amara Raja Giga Corridor. This facility will be equipped with advanced laboratories and testing infrastructure for material research, prototyping, product life cycle analysis and Proof of Concept demonstration. This will cater to the development needs of the Amara Raja as well as to provide a range of facilities open to other players in the energy and mobility ecosystem.

Amara Raja Batteries is the flagship company of the group and is engaged in manufacturing of industrial and automotive batteries. The company was first to introduce Valve Regulated Lead Acid (VRLA) batteries with three year warranty in industrial and automotive applications.