Exide Industries soared in a late rally after news trickled in that the company announced its Q1 (April-June) results. On the Bombay Stock Exchange (BSE), the scrip gained 12.2 per cent to settle at Rs 99.80, substantially up from its intraday low of Rs 88.30. More than 27,506 shares changed hands on the counter.
Exide, the battery manufacturer, registered a 124.2 rise in its net profit to Rs 8.16 crore compared with Rs 3.64 crore in the corresponding period of the previous year. Total income also increased by 12.3 per cent to Rs 198.28 crore, from Rs 176.59 crore in January quarter 2001.
According to analysts, “the company is engaged in the production of automotive batteries and industrial batteries and it has posted good results on the back of a sustained rise in automobile sales in the country, indirectly leading to a spurt in demand.”
Moreover, Exide Industries had recently announced that it is undertaking a three-pronged marketing revamp.
The new focus on rural markets include establishing nodal centres in every village. The company plans to sell 20,000 batteries a year.
The company is planning to launch a new battery for heavy commercial vehicles this month. It has also undertaken the rationalisation of about 50 per cent of its product portfolio. The company also intends to rationalise its staff strength.
Content Guide
