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Budget 2022 | Amara Raja Batteries, Exide gain as govt to come out battery-swapping policy

Budget 2022 | Finance Minister Nirmala Sitharaman said the government would promote clean tech in public transport and develop special mobility zones for electric vehicles

February 01, 2022 / 12:21 PM IST
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Automotive battery manufacturers Amara Raja Batteries and Exide Industries gained more than 1 percent each on February 1 as Finance Minister Nirmala Sitharaman announced a battery-swapping policy in her Budget for the year 2022-23.

Experts hailed the decision as a good development to promote electric vehicles.

The government would promote clean tech in public transport and develop special mobility zones for electric vehicles, the minister said.

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She said the government would come out with a battery-swapping policy.

"Battery swapping policy with interoperability in space-constrained urban areas will boost efficiency in electric vehicle ecosystem," said Varun Baxi, Research Analyst at Prabhudas Lilladher.

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Hero MotoCorp and Ashok Leyland are amongst the incumbents and Hero could a a major beneficiary, with its tie up with Gogoro to develop the battery swapping infrastructure for two-wheelers, he said.

Also read: Budget 2022 | Adani Power, Tata Power rally 3-4% on allocation for hydro and solar projects in FY23

"Apart from Hero, there are startups like Bounce which are in battery-swapping technology. Also, Ashok Leyland has developed the battery swapping models in tie up with Sun Mobility," he said.

Tata Power, which also has charging stations, gained 2.4 percent at Rs 252.
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