Exide Industries shares surge 13% in afternoon session, here's why

Shares of Exide Industries Ltd surged over 13% to hit a record high in the afternoon session today after South Korean auto majors Hyundai Motor Company and Kia Corporation announced a partnership with the homegrown battery maker Exide Energy Solutions Ltd for electric vehicle battery localisation in India.

Exide Industries shares surged over 13% to Rs 364.55 against the previous close of Rs 321.70 on BSE. Market cap of the firm rose to Rs 30,995 crore. Total 7.72 lakh shares of the firm changed hands amounting to a turnover of Rs 27 crore on BSE. The stock hit a 52-week low of Rs 179 on April 10, 2023.

Hyundai Motor Company and group firm Kia Corporation have signed a Memorandum of Understanding (MOU) with Exide Energy Solutions Ltd, a leading Indian battery company, as part of their electric vehicle (EV) expansion plans, Hyundai Motor Group said in a statement.

Hyundai Motor and Kia aim to localise their EV battery production, specifically focusing on lithium-iron-phosphate (LFP) cells in line with the expansion of their EV plans for the Indian market, added Hyundai Motor.