ARE&M hits record high

Amara Raja Energy & Mobility (ARE&M) is currently the top gainer on the BSE; the stock price zoomed up 20% to hit a record high of Rs.1655 and is currently trading at Rs.1580 levels.

The stock price reacted positively to ARE&M’s announcement that its wholly owned subsidiary, Amara Raja Advanced Cell Technologies (ARACT) signed a technical licensing agreement with GIB EnergyX Slovakia s.r.o., a subsidiary of Chinese company, Gotion High-Tech Co Ltd.

As a part of the agreement, GIB EnergyX will license Gotion's world class LFP technology for lithium-ion cells to ARACT. The technology transfer and service support will fully complement Amara Raja’s efforts to operationalize its Gigafactory manufacturing capacities and its advanced research and innovation centre, ‘e+ Energy Labs’, that aims to lead India’s R&D capabilities in this field. Last year, Amara Raja announced an investment outlay of Rs 9,500 crores to establish the Amara Raja Giga Corridor in the state of Telangana.