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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)
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