1,20,000 MT capacity: This auto company announces plans for green energy facility in Maharashtra
The stock has been on a tear in recent months, gaining 40 per cent in the past 6 months and 67 per cent in the past year.
Exide Industries Ltd informed that Chloride Metals Limited (CML), a material wholly owned subsidiary of Exide Industries Limited (the Company) is setting up a green field lead acid battery recycling manufacturing facility at Plot No-F-219, Supa MIDC, Supa-Parner Industrial Park, Tai. Pamer, Dist. Ahmednagar, Maharashtra (SUP A facility).
The said recycling facility is spread over an area of more than 15.5 acres with a total installed capacity of 1,20,000 MT p.a. and is equipped with modern state-of-the-art technology. The Maharashtra Pollution Control Board vide its letter dated August 11, 2023 has granted Consent to Operate (CTO) to recycle lead acid batteries and lead scraps to manufacture lead, lead alloys and cast components for 96,000 MT p.a. in the first phase.
CML will commence commercial production at the above facility in the near future. The exact date of commencement will be announced to the exchanges in accordance with the stipulated timelines.
Exide Industries Ltd is primarily engaged in the manufacturing of storage batteries and allied products in India.
According to the financials, Exide Industries has a market cap of over Rs 22,000 crore. In the Quarterly Results (Q1) ended June 30, 2023, the net sales increased by 6 per cent to Rs 4,245 crore, the operating profit increased by 13 per cent to Rs 438 crore and the net profit increased by 11 per cent to Rs 224 crore in Q1FY24 over Q1FY23.
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On Monday, shares of Exide Industries Ltd plunged 1.65 per cent to Rs 264.70 per share with an intraday high of Rs 269.85 and an intraday low of Rs 261. The stock has been on a tear in recent months, gaining 40 per cent in the past 6 months and 67 per cent in the past year. Investors should keep an eye on this auto stock.
Disclaimer: The article is for informational purposes only and not investment advice.