Exide Industries' stock pulls back following a 22% rally

10 Apr 2024 , 10:57 AM

Exide Industries Limited’s shares fell more than 1% to ₹378 in the morning on April 10 as investors hurried to lock in their gains following the stock’s 22% increase over the previous three sessions.

For ₹5.34 Crore, the business announced that it has purchased a 26% equity position in Clean Max Arcadia Private Ltd.

“The objective of the investment in the SPV is to promote renewable energy on a long-term basis by qualifying as a captive consumer for solar capacity of 14.85 MWp for our factory situated in Bawal in the state of Haryana,” Exide stated in a regulatory filing.

The goal of Clean Max Arcadia, a special purpose vehicle that Clean Max Enviro Energy Solutions created and incorporated, is to produce and supply solar power.

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