BAJAJ BROKING
Exide Industries invests ₹100 crore in Exide Energy Solutions for its lithium-ion battery plant in Bengaluru, raising its total investment to ₹2,852 crore. The company aims to strengthen its position in India’s EV and energy storage markets. Exide share price almost doubled in the past 12 months.
Exide Industries Limited has announced a ₹100-crore investment in its wholly-owned subsidiary, Exide Energy Solutions Ltd (EESL). This fresh infusion aims to accelerate the construction of a state-of-the-art greenfield facility in Bengaluru, focusing on the production of lithium-ion battery cells, modules, and packs.
The facility will cater to India's booming electric vehicle (EV) and stationary energy storage markets. Investors will keep an eye on the Exide share price today.
This latest capital infusion, raised through a rights issue, brings Exide's total investment in EESL to ₹2,852 crore. This is the second ₹100-crore investment in recent months, reflecting Exide’s commitment to strengthening its presence in the EV ecosystem.
The move is part of a broader strategy to shift from lead-acid batteries to advanced lithium-ion technology, ensuring Exide’s leadership in the future energy market.
Incorporated in March 2022, EESL has shown impressive growth, reporting a turnover of ₹239.14 crore for fiscal 2024, more than doubling its previous year’s revenue of ₹112.05 crore.
The subsidiary gained significant attention when Hyundai Motor Company and Kia Corporation partnered with Exide Energy in April 2024 to localise EV battery production in India. This collaboration solidified EESL’s role in India's evolving EV landscape.
Once operational, the new Bengaluru facility will cater not only to the fast-growing EV market but also to the rising demand for stationary energy storage solutions. These solutions will be critical as India accelerates its adoption of renewable energy sources. This strategic positioning highlights Exide's transition towards future-ready energy solutions.
For the June quarter, Exide Industries posted strong financial results with a net profit of ₹280 crore on revenues of ₹4,313 crore. On the stock front, Exide share price closed at ₹513 on Thursday, marking a 1.22% decline for the day. However, over the past year, the stock has delivered an impressive 95.06% return, nearly doubling investors' wealth.
Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.
This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.
For All Disclaimers Click Here: https://bit.ly/3Tcsfuc
Share this article:
Godrej Properties Acquires 53-Acre Land in Kolkata for ₹500 Crore
21 Nov, 2024 | 2 Min. read
GNFC Partners with INEOS to Build 600kt Acetic Acid Plant in Gujarat
21 Nov, 2024 | 2 Min. read
Adani Infra Launches Open Offer to Buy 26% Stake in PSP Projects
21 Nov, 2024 | 2 Min. read
UPL’s Advanta Secures $350M Investment from Alpha Wave Global
21 Nov, 2024 | 2 Min. read
Commodities Market Today | Crude Oil Drops, Gold Rises, Silver Falls in Market Moves
21 Nov, 2024 | 1 Min. read
Share Market Today | Gift Nifty Signals Weak Opening, Indian Markets May Consolidate
21 Nov, 2024 | 4 Min. read
Gold Rate Today | Gold Gains 0.9% to $2,653.50, Silver Drops 1%
21 Nov, 2024 | 2 Min. read
Know C2C Advanced Systems IPO Review, Objective & Applying Process
21 Nov, 2024 | 1 Min. read
Explore the List of Top Education Stocks in India
21 Nov, 2024 | 8 Min. read
What are Reverse Stock Splits: Meaning & Example
21 Nov, 2024 | 7 Min. read
How to Apply Under Shareholders' Quota in NTPC Green Energy IPO?
21 Nov, 2024 | 1 Min. read
What is Personal Finance? Meaning & Importance
21 Nov, 2024 | 4 Min. read
RBI Launches ULI: Transforming Loan Access
August 27, 2024 | 4 Min. read
Textile Sector in India
September 20, 2024 | 5 Min. read
List of IPOs with DRHPs Filed
November 30, 2023 | 3 Min. read
Aditya Birla Group
September 28, 2023 | 10 Min. read
Bajaj Housing Finance Ltd IPO: Things Smart Investors Need to Know
September 05, 2024 | 4 Min. read
Budget Stock Ideas 2024-2025 | Stocks to Buy Today
July 24, 2024 | 4 Min. read
IPO Eligibility Criteria : Full Details
March 15, 2024 | 6 Min. read
What Is the Lock-In Period in IPOs?
October 18, 2023 | 6 Min. read
Godfrey Phillips Announces 2:1 Bonus Shares
September 16, 2024 | 7 Min. read
Jindal Group- A Comprehensive Analysis
September 27, 2024 | 7 Min. read
Level up your stock market experience: Download the Bajaj Broking App for effortless investing and trading