Amara Raja Shares Hit 20% Upper Circuit On Battery Agreement

Shares of Amara Raja have risen 17.74 percent in the last five days, giving a yearly return of 149.61 percentage.

New Delhi: Shares of Amara Raja, one of India’s leading battery manufacturers, on Monday morning jumped 20 percent to hit its upper circuit limit, amid news of strategic technology collaboration with Gotion-InoBat-Batteries (GIB). Amara Raja shares touched a new lifetime high of Rs 1,656 apiece on Monday morning trade.

At 11.51 am, shares of the company were trading higher by Rs 235 or 17.04% at 1614.35 apiece. The company's shares have risen 17.74 percent in the last five days, giving a yearly return of 149.61 percentage.

Amara Raja Advanced Cell Technologies Pvt. Ltd, a wholly owned subsidiary of Amara Raja Energy & Mobility Ltd (ARE&M), had yesterday signed a technical licensing agreement with GIB EnergyX Slovakia s.r.o., a subsidiary of Gotion High-Tech Co Ltd. 

As part of the agreement GIB EnergyX will license Gotion’s world class LFP technology for lithium-ion cells to ARACT. This comprehensive agreement enables Amara Raja to manufacture world class LFP cells in both cylindrical and prismatic form factors. 

"The scope of licensing provides access to cell technology IP, support in establishing Gigafactory facilities conforming to latest generation process technologies, integration with Gotion’s global supply chain network for critical battery materials, and customer technical support for solution deployment," the company has said.