Exide Industries saw a 5% jump in its stock price after Hyundai Motor India (HMIL) announced a strategic agreement with Exide’s subsidiary, Exide Energy Solutions Ltd (EESL). The partnership aims to produce and supply lithium-ion battery cells for Hyundai’s electric vehicles (EVs) tailored for the Indian market.
The binding term sheet formalizes HMIL’s intent to source battery cells and packs from EESL. This collaboration is expected to accelerate EV development and promote sustainable mobility in India.
According to a recent exchange filing, the battery cells will be purchased at pre-determined prices outlined in the term sheet. The deal underscores Hyundai’s commitment to expanding its EV footprint in India, leveraging Exide’s expertise in battery technology.
Exide Industries opened at ₹450.00, with a high of ₹456.55 and a low of ₹446.05. The stock has seen a 52-week high of ₹620.35 and a low of ₹278.50.
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