Battery stocks’ rally in India likely to extend

Global carmakers, including BYD Co, are doubling down on the burgeoning electric vehicle market in the South Asian nation. — Bloomberg

NEW DELHI: 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% 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.