Kabra Extrusion hit a new high today at Rs.428.25, which is also its 20% UC, on the back of an almost 3-times surge in volumes.

The stock price reacted positively to the company’s Rs.100 crore capex plan. This is for the expansion of its battery division.

The company’s Board also approved raising up to Rs.301 crore for the expansion of its future technologies brand Battrixx, which provides advanced lithium-ion battery packs with smart battery management systems.

Rs 101 crore will be raised initially through issuance of warrants to promoters and foreign investors while Rs 200 crore will be mopped up through financial institutions for the working capital.

These funds will enable Battrixx to enhance its annual production capacity in phases from existing 100,000 battery packs to 700,000 by end of FY24 to meet the growing demand in electric vehicles industry and other energy storage applications.