Himadri Speciality at new high

Himadri Speciality Chemicals is in the limelight today morning; opening almost 5% higher at Rs.304.55, it rose further by 5.5% to hit a new 52-week high at Rs.307.10.

The stock price rose after it announced that it will be investing Rs.4800 crore over the next 5-6 years into the manufacture of Lithium-ion battery components.

The investment is to be made largely through internal accruals and debt and it is planning on the plant having a production capacity of 2,00,000 MT, either directly or through its subsidiaries.

The company also announced that it had completed acquiring 100% stake in Himadri Clean Energy Ltd (HCEL), making it a wholly-owned subsidiary of the company and now it also plans to take 100% stake in Himadri Future Material Technology Ltd. With this acquisition, to be completed in 60 days, the company said that it be able to now set up the manufacturing facility for Cathode Active Material.