Schedule a Call Back
Jupiter Wagons shares surge 7% on acquisition of Log9's battery tech assets
Industry News- Nov 05,24
The deal includes Log9’s engineering and production teams, as well as its manufacturing facility in Devanahalli, Bangalore.
Shares of Jupiter Wagons jumped 7.2%, reaching an intraday high of Rs 521.8 on the BSE after its subsidiary, Jupiter Electric Mobility, acquired Log9’s technology and business assets. By 11:02 AM, the stock was trading at Rs 504.45, up 3.65%, while the BSE Sensex was down 0.43% at 79,599.27. Jupiter Wagons’ market cap stood at Rs 214.13 billion.
In a strategic move, Jupiter Electric Mobility's acquisition of Log9’s assets strengthens its Railway Battery and Electric Truck Battery Divisions. The deal includes Log9’s engineering and production teams, as well as its manufacturing facility in Devanahalli, Bangalore.
This acquisition enables Jupiter Electric Mobility to backward integrate battery production for its electric light commercial vehicles (eLCVs), enhancing its competitiveness in the EV market. It also supports Jupiter Wagons’ expansion in the Railways sector, providing capabilities to produce in-house battery solutions tailored for Indian Railways applications.
Having already collaborated on battery products for Indian Railways, including an order for Vande Bharat batteries with Siemens, Jupiter Electric Mobility’s acquisition marks a deepened commitment to electric mobility and sustainable energy solutions. "This is more than a transaction; it’s an investment in our future," said Vivek Lohia, Managing Director, Jupiter Wagons.
Jupiter Electric, specialising in electric trucks, e-LCVs, and energy storage solutions, aims to advance EV technology for commercial and industrial markets in India. Log9 Materials, a Bangalore-based deep-tech firm, brings advanced battery solutions for electric mobility and logistics sectors.
Over the past year, Jupiter Wagons’ shares have surged by 55.7%, outpacing the Sensex's 25% rise, underscoring investor confidence in the company’s growth trajectory.
(Business Standard)
Related Stories
Auto & Auto Components
Ashok Leyland Begins Delivery of AVTR 55T Electric Trucks to ASAT Logistics
Sanjeev Kumar, President - MHCV, Ashok Leyland, handed over the keys of the first batch of 4 AVTR 55T Electric trucks to Arvind Sarda, CEO, ASAT Logistics Pvt Ltd, in the presence of senior dignitar..
Read moreAuto & Auto Components
Henkel Launches India’s First Mid-Haul Re-Powered Electric Truck Operations
Henkel India, in partnership with logistics and EV tech firms, flags off India’s first mid-haul re-powered electric truck routes, marking a major step toward decarbonising logistics.
Read moreRailways
BEML’s Q2 profit drops amid weakening demand
BEML’s material costs, which constitute over half of its expenses, rose slightly by 0.2%, while total expenses dropped 7% to Rs 8.2 billion.
Read moreRelated Products
Automotive Oil Pump
AUTO COMPONENTS & ACCESSORIES
Kalpak Auto Pvt Ltd offers a wide range of
automotive oil pump.
Tata Motors unveils facilities for development of Hydrogen propulsion tech
AUTO COMPONENTS & ACCESSORIES
Tata Motors, India?s largest automobile company, unveiled two state-of-the-art & new-age R&D facilities for meeting its mission of offering sustainable mobility solutions. The unveilings constitute of Read more
Tata Motors plans petrol powertrain for Harrier and Safari SUVs
AUTO COMPONENTS & ACCESSORIES
Tata Motors is in the process of developing a new petrol powertrain for its premium sports utility vehicles, the Harrier and Safari, as confirmed by a senior company official. Currently, these models Read more
latest News
Subscribe to iNoW
For Industry News on WhatsApp, Give a Miss Call on: +91 84228 74016
