Amara Raja Energy & Mobility trades jubilantly as its arm signs MoU with Piaggio Vehicles
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
Amara Raja Energy & Mobility is currently trading at Rs. 1583.30, up by 80.20 points or 5.34% from its previous closing of Rs. 1503.10 on the BSE.
The scrip opened at Rs. 1533.25 and has touched a high and low of Rs. 1594.00 and Rs. 1515.55 respectively. So far 58210 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 1774.90 on 26-Jun-2024 and a 52 week low of Rs. 599.00 on 26-Oct-2023.
Last one week high and low of the scrip stood at Rs. 1603.80 and Rs. 1460.00 respectively. The current market cap of the company is Rs. 28775.25 crore.
The promoters holding in the company stood at 32.86%, while Institutions and Non-Institutions held 38.39% and 28.75% respectively.
Amara Raja Energy & Mobility's wholly owned subsidiary -- Amara Raja Advanced Cell Technologies (ARACT) has signed a Memorandum of Understanding (MoU) with Piaggio Vehicles, a 100% Indian subsidiary of the Italian auto giant, Piaggio Group.
As part of this agreement, Amara Raja will collaborate with Piaggio Vehicles to develop and supply LFP (Lithium Iron Phosphate) Lithium-Ion (Li-ion) cells and chargers for its Electric Vehicles along with developing cells and battery packs for their upcoming offerings, to be produced locally at Amara Raja’s Gigafactory in Divitipally, Telangana.
Since 2020, Amara Raja & Piaggio Vehicles have partnered to bring in transformation in the transportation sector. Amara Raja has manufactured and supplied 50,000 NMC Li-ion battery packs and EV chargers exclusively to Piaggio Vehicles which has had a cumulative run of over 120 crore kms till now.
Recently, Amara Raja entered into an agreement with Gotion-InoBat-Batteries (GIB) that will facilitate it to localise current global LFP technology for making Lithium-Ion cells specifically suited for Indian conditions. The company also has an agreement with Jiangsu Highstar Battery Manufacturing Co. for NMC technology.
Amara Raja is committed to providing products and solutions for e-mobility and energy storage markets and aims to be one of the largest manufacturers of Li-ion and other advanced chemistry cells in India. It had announced an investment outlay of Rs 9,500 crore to establish a 16Gwh capacity gigafactory in Telangana. Additionally, the company is all set to lead India’s R&D capabilities by establishing a state-of-the-art advanced research and innovation centre called ‘ePositive Energy Labs’ in Hyderabad.
Piaggio Vehicles has been at the forefront of the Electric 3-wheeler market and has introduced the country’s first and unique battery subscription model that makes the electric vehicle a lot more affordable for customers.
Amara Raja Energy & Mobility (ARE&M) 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.
