Amara Raja Batteries jumps on getting nod to sell new energy business to ARACT
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
Amara Raja Batteries is currently trading at Rs. 578.20, up by 12.20 points or 2.16% from its previous closing of Rs. 566.00 on the BSE.
The scrip opened at Rs. 591.90 and has touched a high and low of Rs. 596.30 and Rs. 571.30 respectively. So far 81721 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 669.95 on 09-Dec-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. 596.30 and Rs. 561.80 respectively. The current market cap of the company is Rs. 9865.28 crore.
The promoters holding in the company stood at 28.06%, while Institutions and Non-Institutions held 44.73% and 27.20% respectively.
Amara Raja Batteries has received approval to sell and transfer its New Energy Business (NEB) comprising of the lithium Battery Pack Manufacturing, Cell and a state of-the-art R&D pilot plant for prototyping, manufacturing Li-ion cells, etc., through a slump sale arrangement on a going concern basis, to its Wholly Owned Subsidiary ‘Amara Raja Advance Cell Technologies (ARACT) and authorized officials of the company to execute the Business Transfer Agreement. The board of directors at its meeting held on January 25, 2023 has approved the same.
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.
