Shares of battery-makers such as Exide Industries, Amara Raja Batteries, Eveready Industries India, HBL Power Systems, Indo-National, Panasonic Energy India Company and High Energy Batteries (India) jumped up to 15 percent in intraday trade on December 29.
The shares saw traction after reports that the American clean-energy and electric-vehicle (EV) company Tesla will begin its operations in India in 2021.
This development is expected to give a boost to the EV segment, which may result in a jump in demand for batteries.
Union Minister for Road Transport and Highways and the Minister of Micro, Small and Medium Enterprises Nitin Gadkari confirmed on December 28 that Tesla will begin its operations in India in 2021.
The minister said that Tesla will begin its operations with sales first and then maybe look at assembly and manufacturing based on the response to the cars.
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