Exide Industries surges 11% on Q1 net rise

The stock extended gains and touched a high of Rs 80. The scrip finally settled at Rs 78.50, up 11% from the previous close. Heavy trades of 4.32 million shares were witnessed on the counter at the BSE as compared to the two-week daily average traded volumes of 283,625 shares.
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(Updated at 1154)

Exide Industries has soared on good performance in Q1.

The stock opened at Rs 74.45 but slipped to a low of Rs 72.65. It touched a high of Rs 78.40 and is now trading 10% higher at Rs 77.60. The counter has witnessed an eight fold jump to 2.40 million shares as against its two-week daily trade average of 283,625 shares on the BSE.

According to a release issued by the company to the BSE, the net profit has surged 49% to Rs 122.4 crore in the quarter ended June 30, 2009 from Rs 82.2 crore in the corresponding quarter a year ago.

The total income has declined marginally to Rs 904.35 crore in Q1FY10 from Rs 908.88 crore in Q1FY09.