Himadri Specialty stock up after buying stake in lithium-ion company

Shares of Himadri Specialty Chemical advanced 2.5 percent in the morning trade on March 21 after the company announced that it acquired a 40 percent stake in Invati Creations, which engineers lithium-ion electrode materials, for Rs 45.16 crore.

Himadri will infuse Rs 19.99 crore as cash and the balance consideration will be discharged through a share swap of 7,96,446 equity shares of face value of Rs 1 each, the company said in a regulatory filing on March 20.

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At 9.20 am, the counter was trading at Rs 323 on the National Stock Exchange, up over a percent from the previous close. The share has gained 271 percent in the last year.

The company said that the decision aligns with its vision of producing high-quality lithium-ion (Li-ion) battery materials, reinforcing its commitment to exploring innovative technologies in the battery material segment.

Himadri will have two nominee directors on the board of Invati, giving the company a significant influence and enabling close collaboration and synergy between the two companies.

In the December quarter, the company reported a 71 percent year-on-year rise in net profit at Rs 108.80 crore, the highest ever for the company. Revenue was flat, rising 1.5 percent to Rs 1,052.50 crore.

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