Exide hits record high on brokerage rating

Exide Industries was up 2.18% to Rs 238.65 at 15:09 IST on BSE on reports that a foreign brokerage has maintained buy rating on the stock for a target of Rs 270.

Meanwhile, the S&P BSE Sensex was up 74.18 points or 0.25% at 29,410.75.

On the BSE, 3.32 lakh shares were traded on the counter so far as against the average daily volumes of 2.15 lakh shares in the past one quarter. The stock had hit a high of Rs 240.55 so far during the day, which is a record high. The stock hit a low of Rs 235.10 so far during the day.

The stock had hit a 52-week low of Rs 134.65 on 20 April 2016. It had outperformed the market over the past one month till 19 April 2017, advancing 6.79% compared with the Sensex's 1.05% fall. The scrip had also outperformed the market over the past one quarter, gaining 20.64% as against the Sensex's 7.43% rise.

The large-cap company has equity capital of Rs 85 crore. Face value per share is Rs 1.

Exide Industries' net profit rose 9.4% to Rs 151.49 crore on 12.6% growth in net sales to Rs 1725.26 crore in Q3 December 2016 over Q3 December 2015.

Exide Industries manufactures batteries for automobiles, industrial use and for submarines.

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