Latest News | Amara Raja Shares Soar 20 Pc; Hit 52-week Peak

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.

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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.

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"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.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)