Exide Share Price Falls in Stock Market
Investors witnessed a drop in Exide Industries’ shares on Thursday as the battery manufacturing company’s stock rose by 4.70% to reach ₹481.70 during trading. The shares of Exide Industries have been rallying for the past nine days, with investors seeing a return of 54% in just nine trading days. Over the past year, Exide Industries has delivered a return of 148%, while in the last two years, the share has surged by nearly 200%.
Partnership with Exide Energy Solutions Boosts Share Demand
Exide Energy Solutions, a subsidiary of Exide Industries, recently announced a partnership with South Korean automakers Hyundai Motor Company and Kia Corporation to manufacture electric vehicle batteries in India. Following the announcement, there has been a high demand for the company’s shares, as investors anticipate additional revenue generation and increased market share in India’s growing electric vehicle sector.
Brokerages Increase Target Price for Exide Industries
Brokerage houses have raised the target price for Exide Industries’ shares, leading to increased buying by investors. Nomura, a Japanese brokerage firm, raised the target price of the shares from ₹233 to ₹485 per share. The brokerage has maintained its “Buy” rating on the stock, citing positive growth prospects.
Future Plans with SVOLT Technology Solutions Limited
Hyundai and Kia are already selling EVs in the global market, and they plan to introduce several electric vehicles in India. According to Nomura, the companies are set to announce the launch of a joint venture with SVOLT Technology Solutions Limited to establish a lithium-ion cell manufacturing plant in Bengaluru, Karnataka. The initial phase of the ₹60 billion project will have a capacity of 6 GWh.
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