Exide Industries shares are in focus today with over 2% surge in shares. The company’s shares were trading 2.46% higher at ₹496.05 as of 12:45 pm. This comes after the Road Transport and Highways Minister has announced that India is expected to become the largest lithium battery exporter within the next five years, highlighting a promising future for the sector.
In recent news, Exide Industries announced that Arun Mittal, the Managing Director and CEO of its wholly-owned subsidiary Exide Energy Solutions Ltd (EESL), will step down effective October 31, 2024. Mittal is resigning for personal reasons, and his departure will include relinquishing his director role as per the Companies Act, 2013.
Mandar V. Deo, currently the Joint Managing Director of EESL, will succeed Mittal as Managing Director and CEO from November 1, 2024.
Additionally, Exide Industries has recently invested ₹74.99 crore in EESL through equity shares. This investment is part of the company’s broader strategy to enhance its position in India’s electric vehicle and energy storage markets.