KPIT Tech shares zoom; here's what's powering the upmove

KPIT Technologies (KPITTECH) shares were in high demand on Wednesday, snapping a two-day losing streak, after the Pune-headquartered company unveiled the country's first sodium-ion battery technology. The stock of KPIT Tech, a provider of embedded software for the automobile and mobility industry, gained by as much as Rs 73.1, or 5.1 per cent, to Rs 1,505.8 apiece on BSE. 

The battery technology "promises to reduce import dependency on core battery materials", has several use cases for automotive and mobility "especially for electric two- and three-wheelers and commercial vehicles", and promising applications in stationary deployments, such as UPS backups and grid storage, as well as in the marine and defence sectors", the company said in a statement. 

The sodium-ion batteries will enable faster charging in comparison to lithium-ion batteries at 30 per cent lower costs, according to the company, which aim to export the technology to European and Asian markets. 

Here are some of the other key features of the technology, as listed by KPIT Tech on its website:

• Extended lifespan with 80 per cent capacity retention for 3,000-6,000 cycles
• Multiple variants having distinct performance characteristics and energy density ranging from 100 to 170 Wh/Kg
• Superior sub-zero temperature tolerance
• Excellent high-temperature tolerance with minimal thermal management
• Enhanced safety
• Substantially reduce the cost of ownership and increase the vehicle uptime, thereby increasing income

“Sustainability is at the heart of KPIT’s vision. We are working on multiple technologies to reimagine mobility and accelerate the push towards cleaner transportation. As the electric mobility ecosystem matured, we were cognizant of having alternate battery technologies and localising the storage value chain," said Ravi Pandit, Co-founder and Chairman of KPIT Technologies. 

"Our sodium-ion battery technology, completely reliant on Earth’s abundant raw materials, is another testament to KPIT’s commitment towards the sustainable mobility ecosystem. We look forward to partnering with manufacturing companies to commercialise this technology globally,” he added. 

The stock finished the day 2.9 per cent stronger at Rs 1,474.4 apiece. 

What does KPIT Tech do?

KPIT Technologies, a global partner to the automotive and mobility ecosystem for making software-defined vehicles a reality, is an independent software development and integration partner helping mobility leapfrog towards a clean, smart, and safe future.

With engineering centers in Europe, the USA, Japan, China, Thailand, and India, KPIT works with leaders in automotive and mobility and is present where the ecosystem is transforming, according to its website. 

Catch the latest stock market updates here. For all other news related to business, politics, tech, sports and auto, visit Zeebiz.com.