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Published On: Friday, November 4, 2022 | By: Team KnowMyStock
The company witnessed robust demand in the automotive sector from the aftermarket as well as OEM segments. Exports showed very healthy growth in the Middle East and South East Asian markets. The company has posted a strong performance in the second quarter on all fronts. There are concerns that electric vehicle markets are taking shape and what will happen to old battery stocks. But see the performance. See the number of vehicles being sold that use this company's battery," he added.
The company also announced formation of wholly-owned subsidiary to undertake the business of manufacturing LiOn batteries. However, it is yet to announce meaningful capital commitment towards the same, which makes us maintain a neutral stance on the stock, the brokerage firm said
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