Jupiter Wagons‘ share price climbed sharply on Thursday afternoon as the railway company made the announcement. The stock jumped up 4% to hit an intraday high of ₹700.40.

What Happened: Jupiter Electric Mobility Private and Log9 Materials have announced a crucial breakthrough in the development of lithium-ion phosphate (LFP) battery technology for Indian Railways.

The companies have successfully concluded a six-month trial of an 11.2 kilowatt-hour LFP battery pack for rail coaches. This accomplishment has earned them the first-ever certification from the Research Designs and Standards Organisation (RDSO).

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In addition, Siemens has granted Jupiter a contract to supply 36 auxiliary batteries, each with a capacity of 72.8-kilowatt-hour, for 9 Vande Bharat Trainsets. The 72.8-kilowatt-hour LFP battery pack has also received RDSO approval and has been technically qualified by BHEL for use in Vande Bharat Trainsets.

The announcement helped the stock that was trailing in the red shoot up sharply.

Price Action: Jupiter Wagons’ share price was up 2.09% to trade at ₹688.50 on Thursday afternoon.

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.