Exide Industries shares rise after subsidiary commissions Phase-I of lithium-ion cell facility

Exide Industries Ltd, a storage battery manufacturing company, saw its shares rise 2% on Thursday after its material subsidiary, Exide Energy Solutions Ltd (EESL), completed the commissioning of Phase-I of its lithium-ion cell manufacturing facility in Karnataka.

EESL completed the commissioning of the facility at Devanahalli, Bengaluru, Karnataka, on September 23, according to an exchange filing by Exide Industries.

Exide Industries shares rose 1.72% on Thursday, hitting a high of Rs 434.00, compared with the previous close of Rs 426.65.

The Phase-I facility has a 6 GWh lithium-ion cell manufacturing capacity. The company said the facility has been established to manufacture advanced lithium-ion cells across multiple chemistries and form factors, enabling EESL to serve a wide range of mobility and energy storage applications.

"The facility has been established to manufacture advanced lithium-ion cells across multiple chemistries and form factors, enabling EESL to serve a wide range of mobility and energy storage applications," Exide Industries said in the filing.

The development marks progress in Exide's plans to build capabilities in lithium-ion cell manufacturing through its subsidiary. EESL is the material subsidiary of Exide Industries.