Exide Ind, Amara Raja hike battery prices by up to 3%, source says
Informist, Tuesday, Jul 9, 2024
--Source: Exide, Amara Raja up battery prices up to 3?ross segments
--Source: Exide, Amara Raja hike prices due to rise in input costs
--Source: Exide, Amara Raja dealers to get new price chart in 1-2 days
By Narayana Krishna
HYDERABAD - Battery makers Exide Industries Ltd and Amara Raja Energy & Mobility Ltd have increased prices by up to 3?ross product categories with immediate effect, a source told Informist. The price hike is mainly on account of rise in input costs, the source said.
"This is the second time battery prices have been increased by these companies in the last few months. We are waiting for product wise price chart," a dealer engaged in supply of multi-brand batteries in Hyderabad told Informist.
The price hike is mainly for retail and replacement segment. Original equipment manufacturers will pass on the price hike to customers automatically, the source said.
When contacted, officials at Amara Raja declined comment saying revision in prices was a regular business practice. Dealers for Exide Industries in Hyderabad and Ahmedabad confirmed the price hike. Dealers said the price hike is not uniform and it is 1% in some cases and up to 3% in some products.
In March, battery makers had increased product prices by 2-3% owing to rise in prices of lead. The most-active lead contract has risen nearly 1% on-month and currently is at $2,225 per tn on the London Metal Exchange.
Lead is the key raw material for making batteries and accounts for around 65% of the manufacturing cost. Any rise in lead prices directly impacts the input costs of battery makers.
Apart from popular brands, regional brands and battery makers in the unorganised sector have also increased prices due to high input costs.
On the National Stock Exchange, shares of Amara Raja closed at 1,669.95 rupees, down nearly 1% from Monday. Shares of Exide Industries closed at 578.45 rupees, up 1.2% from the previous close. End
