Battery manufacturers cheer exemption of customs duty; shares jump 3%

The FM announced the exemption of basic customs duty on cobalt powder lithium-ion batteries. The reform is said to benefit domestic battery manufacturers like Amara Raja, Exide Industries

Batteries stocks rose on the announcement of the National Manufacturing Mission to support clean tech manufacturing and domestic production of EV batteries and solar panels.

The government proposes to add 35 additional capital goods for EV battery manufacturing, and 28 additional capital goods for mobile phone battery manufacturing. It proposes to add 35 additional capital goods for EV battery manufacturing, and 28 additional capital goods for mobile phone battery manufacturing.

Amara Raja Energy & Mobility is trading at ₹ 1069.95, up by 35.00 points or 3.38% from its previous closing of ₹ 1034.95 on the BSE. The scrip opened at ₹ 1039.95 and has touched a high and low of ₹ 1093.60 and ₹ 1038.60, respectively. So fa,r 87399 shares were traded on the counter.

Exide Industries is currently trading at ₹ 380.80, up by 6.35 points or 1.70% from its previous closing of ₹ 374.45 on the BSE. The scrip opened at ₹ 381.85 and has touched a high and low of ₹ 382.50 and ₹ 372.25, respectively. So far, 121343 shares have been traded on the counter.

Bosch is currently trading at ₹ 28868.00, up by 132.95 points or 0.46% from its previous closing of ₹ 28735.05 on the BSE. The scrip opened at ₹ 29419.95 and has touched a high and low of ₹ 29419.95 and ₹ 28660.30, respectively. So far 490 shares were traded on the counter.