Back-to-back upper circuit: This Vijay Kedia stock surged over 70 per cent in just 4 days!
The share of this company quotes at its highest level since August 2015.
Panasonic Energy India Ltd shares surged 17 per cent on the BSE today, hitting an eight-year high of Rs 427.70. The rally comes after the company reportedly considered opening a battery manufacturing plant in India under the government's PLI scheme for Advanced Chemistry Cell (ACC) battery storage.
The move follows Tesla's announcement of its plans to enter the Indian market. Panasonic is one of Tesla's leading suppliers for EVs, and its entry into the Indian market hints at the battery maker's ambitions to supply batteries not only to Tesla, but also to the growing Indian automobile market.
The high-level delegation from Panasonic met with senior government officials earlier this month, and it is believed that the company would supply batteries to major Indian companies such as Mahindra & Mahindra, Tata Motors, and the Volkswagen Group.
In just four trading days, the share price has surged 72 per cent from Rs 247.55. Vijay Kedia, an Ace investor, holds a 1.24 per cent stake in the company, with 93,004 shares.
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Panasonic Energy India Ltd offers its products under the Panasonic Gold Plus, Panasonic Hyper, Panasonic Metal, Novino Hyper, Novino Raja, and Novino Jumbo brand names. Manufacturing and sales of batteries and battery appliances, manufacturing and sales of battery component parts and machinery spare parts.
At the closing bell, on July 18, 2023, the company’s share traded at Rs 393, up by 36.55 points or 10.25 per cent from its previous closing of Rs 356.45 on the BSE. The scrip opened at Rs 388 and has touched a high and low of Rs 427.70 and Rs 366.55 respectively.
Disclaimer: The article is for informational purposes only and not investment advice.