Amara Raja Energy & Mobility shares soared 20% after its subsidiary signed a licensing agreement with GIB EnergyX for lithium-ion cell technology, hitting a 52-week high.
New Delhi, Jun 25 (PTI) Shares of Amara Raja Energy & Mobility Ltd jumped 20 per cent 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 on the BSE.
On the NSE, it rallied 19.99 per cent to Rs 1,656.05 -- the 52-week peak.
"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.
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
© 2024 Rediff.com India Limited. All rights reserved. Disclaimer - Terms of Service - Privacy Policy - Feedback