A rally in India’s battery maker stocks this month looks poised to extend amid optimism over further collaborations with foreign vehicle manufacturers.
A rally of 45 per cent has made Exide Industries Ltd. among the top gainers on the broader S&P BSE500 Index in April, after announcing a strategic cooperation to produce lithium iron phosphate cells for Hyundai Motor Co. and Kia Corp. That also boosted shares of Amara Raja Energy & Mobility Ltd.
Global carmakers, including BYD Co., are doubling down on the burgeoning electric vehicle market in the South Asian nation as sales cool in China, the US and Europe. That’s expected to give local component makers a long term boost.
