PCBL has entered into a joint venture with Australia's Kinaltek Pty for expansion into the battery application market.

PCBL has received the board approval for entering into a joint venture with Australian company Kinaltek Pty to expand into the growing battery application market, said a filing with the exchange.

The company will own 51 percent in the joint venture company and will infuse $16 million into the JV and a commitment to infuse up to $28 million in stages, for setting up a manufacturing facility.

JM Financial has assigned a ‘buy’ call on PCBL with a target price of Rs 290 per share in a report released on November 29 after the acquisition of Aquapharm Chemicals.