Amara Raja Energy & Mobility shares skyrocketed over 19% after signing a licensing agreement for lithium-ion cell technology with GIB EnergyX Slovakia.
New Delhi, Jun 25 (PTI) Shares of Amara Raja Energy & Mobility Ltd ended over 19 per cent higher on Tuesday after its wholly-owned arm Amara Raja Advanced Cell Technologies Pvt Ltd signed a licensing agreement with GIB EnergyX Slovakia s.r.o., for lithium-ion cells technology.
As part of the agreement, GIB EnergyX, a subsidiary of Gotion High-Tech Co Ltd, will license Gotion's 'LFP technology' for lithium-ion cells to Amara Raja Advanced Cell Technologies (ARACT), a wholly-owned arm of Amara Raja Energy & Mobility Ltd (ARE&M), the company said in a statement on Monday.
The stock soared 19.99 per cent to hit the 52-week high of Rs 1,655.20 during the day on the BSE. It later ended at Rs 1,647, up 19.40 per cent.
On the NSE, it rallied 19.99 per cent to Rs 1,656.05 -- the 52-week peak -- during the day. The stock ended at Rs 1,650, higher by 19.56 per cent.
In traded volume terms, 10.32 lakh shares of the company were traded at the BSE and 212.81 lakh shares at the NSE during the day.
"This comprehensive agreement enables Amara Raja to manufacture world-class LFP cells in both cylindrical and prismatic form factors," it added.
The scope of licensing provides access to cell technology IP, support in establishing gigafactory facilities conforming to the latest generation process technologies, integration with Gotion's global supply chain network for critical battery materials, and customer technical support for solution deployment, the statement said.
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