Theranautilus Secures $1.2 Mn in Seed...
19 Nov 2024
On August 12, 2024, Amara Raja Energy & Mobility made headlines due to significant developments in its business operations:
1. Stock Performance : Amara Raja's share price increased by approximately 3% in early trading, reaching ₹1,553.05 after the company signed a Memorandum of Understanding (MoU) with Piaggio Vehicles. This partnership aims to develop and supply Lithium Iron Phosphate (LFP) lithium-ion cells and chargers for electric vehicles, alongside manufacturing battery packs locally at Amara Raja's Gigafactory in Telangana.
2. Financial Updates : The company reported a 25.6% rise in consolidated profit after tax for the first quarter ending June 30, 2024, amounting to ₹249.12 crore, compared to ₹198.31 crore in the same period the previous year. Revenue from operations also saw a 16.7% increase, totaling ₹3,263.05 crore.
3. Future Plans : Amara Raja Advanced Cell Technologies, a subsidiary of Amara Raja, is exploring external funding options for its electric vehicle battery business, which may include an Initial Public Offering (IPO) in the future. The company is currently focused on building a 16 GWh lithium-ion cell production facility and has plans for further expansion based on market demand.
These developments reflect Amara Raja's strategic efforts to enhance its position in the growing electric vehicle market and its commitment to expanding its new energy business.
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