Share price of this mid-cap EV stock moved up by 1.05 percent on BSE to Rs. 387.85 in the morning trading session of Wednesday, compared to its previous closing price of Rs. 383.8, after entering into an agreement for solar power generation.
With a market cap of Rs. 32,470 crore, in the last six months, it has given positive returns of about 47.8 percent, and nearly 110.5 percent of multibagger returns in the last one year. So far in 2024, it has given positive returns of around 18.6 percent.
According to the latest regulatory filings with the stock exchanges, Exide Industries Limited entered into an agreement to acquire a 26 percent equity stake in Clean Max Arcadia Private Limited with an investment of Rs. 5.34 crore, for the generation and supply of solar power.
Clean Max Arcadia Pvt. Ltd. is promoted and incorporated as a Special Purpose Vehicle (SPV) by Clean Max Enviro Energy Solutions Pvt Ltd.
Moreover, to qualify as a captive consumer for a captive power project, Exide Industries is required to subscribe at least 26% of the total equity capital of Clean Max Arcadia Pvt. Ltd.
The objective behind this investment in the SPV is to promote renewable energy on a long-term basis by qualifying as a captive customer for 14.85 MWp solar capacity for the factory located in Bawal, Haryana. Further, the current arrangement will optimise the factory’s overall power cost.
In terms of financials, the company’s revenue from operations increased by 12.5 percent YoY from Rs. 3,538 crore in Q3 FY22-23 to Rs. 3,980 crore in Q3 FY23-24.
The net profit of the company also increased by 2.52 percent to Rs. 203 crore in Q3 FY23-24 from Rs. 198 crore in Q3 FY22-23.
As of December 2023, FIIs hold 12.94 percent of the shares, whereas DIIs hold 19.24 percent of the shares in the company, aggregating to 32.18 percent of the institutional holdings.
Exide Industries Limited is an Indian battery manufacturer that sells batteries under the Exide brand.
The company is also an original equipment and aftermarket parts supplier of batteries for automotive companies operating out of India, such as Mitsubishi, Hyundai, Honda, Toyota, and others.
Written by Shivani Singh
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