Saturday was no less than a gift for the battery sector. Finance Minister Nirmala Sitharaman made such an announcement in the shares of battery companies. He announced exemption in custom duty on raw materials used in battery manufacturing, and then shares of companies such as Amara Raja Battery and Exide touched new heights.
Sitharaman said in the budget that many important raw materials used in battery manufacture:
Cobalt powder, lithium-ion battery scrap, lead and zinc will no longer have basic custom duty.
simultaneously:
35 additional goods will be added to the duty free list for the manufacture of EV batteries. 28 additional items will also be exempted for the manufacture of mobile phone batteries. Basic custom duty will also be abolished on the parts of the open sale.
Stock market stirred
After this announcement, there was a tremendous rise in the shares of battery companies:
Amara Raja Battery shares rose by 5.6% and reached Rs 1,093.6 per share.
Exide shares were also trading at 3.8% to Rs 388.9 per share.
However, in contrast, the BSE Sensex declined by 108 points and was trading at 77,391.9.