The shares of industrial machinery company - Kabra Extrusion Technik - touched a new record high of Rs 448.25 per share after gaining by around 20 per cent on the BSE intraday trade on Monday.  

The shares of industrial machinery company - Kabra Extrusion Technik - touched a new record high of Rs 448.25 per share after gaining by around 20 per cent on the BSE intraday trade on Monday.  

The surge in the stock mainly came post the company announced capital expenditure (capex) plan of up to Rs 100 crore for expansion of battery division, as per the Kabira Extrusion Technik said in filing.

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In the exchange filing on Monday, the company’s board also approved a proposal to raise up to Rs 301 crore for the expansion of its future technologies brand Battrixx. 

The counter in past three months has outperformed the market by surging 65 per cent, as compared to a 5 per cent decline in the S&P BSE Sensex. Similarly, it spurted around 115 per cent in the last six months, as against an 8 per cent rise in the benchmark index. 

At around 02:30 pm, the shares of Kabra Extrusion are trading over 18 per cent higher to Rs 421.9 per share on the BSE Sensex, as compared to 0.4 per cent rise in the S&P BSE Sensex.  

The company said that out of the Rs 301 crore, Rs 101 crore will be raised initially through issuance of warrants to promoters and foreign investors, while Rs 200 crore will be mopped up through financial institutions for the working capital. 

Battrixx, part of Kabra Extrusion Technik, provides advanced lithium-ion battery packs with smart battery management systems to power the growth of India’s transition to green energy storage and electric mobility, the company also said in statement. 

The Board of the company has also approved to raise necessary additional working capital up to Rs 200 crore from financial institutes, Kabra Extrusion said in regulatory filing. 

Under Phase-ll of FAME Scheme, the central government had outlaid Rs 10,000 crore in the next three years from April 1, 2019. In this, at least 86 per cent of the amount is allocated for incentives to create a demand for Electric Vehicles. 

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