Exide Industries drops after block deals

A block deal of 11.92 lakh shares was executed at Rs 116 per share at 10:04 IST. Another block deal of 2.10 lakh shares was executed at Rs 115.95 per share at 10:05 IST. Third block deal of 2.10 lakh shares was executed at Rs 116 per share at 10:05 IST. The three block deals constitute 0.18% of Exide Industries' equity.

Meanwhile, the S&P BSE Sensex was down 37.65 points or 0.2% at 18,412.58.

On BSE, 17.64 lakh shares were traded in the counter as against average daily volume of 1.91 lakh shares over the past one quarter.

The stock hit a high of Rs 118.95 and a low of Rs 115.35 so far during the day. The stock had hit a 52-week low of Rs 112.90 on 16 May 2012. The stock had hit a 52-week high of Rs 166.30 on 19 October 2012.

The stock had underperformed the market over the past one month till 5 April 2013, sliding 4.11% compared with the Sensex's 3.62% fall. The scrip had also underperformed the market in past one quarter, declining 15.62% as against Sensex's 6.74% fall.

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

Exide Industries on 22 March 2013 said that the company has acquired the remaining 50% of the equity capital of ING Vysya Life Insurance Company (IVL) (26% from ING Group, 16.32% from the Hemendra Kothari Group and 7.68% from the Enam Group) for an aggregate consideration of approximately Rs 550 crore. Consequently, IVL has become a 100% subsidiary of Exide Industries.

Exide Industries' net profit fell 0.2% to Rs 104.09 crore on 17.3% growth in net sales to Rs 1462.15 crore in Q3 December 2012 over Q3 December 2011.

Exide Industries is a leading manufacturer of lead acid batteries for automotive, telecom, traction, UPS, naval, and motive power markets.

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