Exide Industries saw a 3% increase in its shares on November 27 due to its announcement of a higher stake in its subsidiary, Exide Energy Solutions Ltd (EESL).
The company invested Rs 100 crore, bringing its total stake in EESL to Rs 3,052 crore. This move is aimed at improving operations in advanced battery cell production for electric vehicles. Additionally, the investment will support the establishment of a new battery manufacturing plant in Bengaluru, demonstrating Exide's commitment to the growing EV market.
As of 10:40 am on November 27, Exide's shares were trading at Rs 339 apiece, reflecting positive market sentiment towards the company's expansion efforts.