Leading acid storage battery company, Exide Industries gained 3.09 per cent to close at Rs 73.34, even as the Sensex was down 2.17 per cent. The company announced before the close of trading on June 18 that it bought a 51 per cent stake in Leadage Alloys India, an unlisted Bangalore-based lead smelting company, for Rs 34 crore.
This is Exide's second lead smelter acquisition in the last eight months. The purchase will help the company to be self-sufficient in critical raw material (lead constitutes about 70 per cent of the material cost of a battery).