Exide Industries gains on bargain hunting

Exide Industries rose 1.82% to Rs 106.20 at 09:41 IST on BSE, with the stock gaining on bargain hunting after recent decline.

Meanwhile, the S&P BSE Sensex was up 131.86 points or 0.63% at 21,164.74

On BSE, so far 1.39 lakh shares were traded in the counter as against average daily volume of 2.53 lakh shares in the past one quarter.

The stock hit a high of Rs 106.30 and low of Rs 104.15 so far during the day. The stock had hit a 52-week high of Rs 148 on 16 January 2013. The stock had hit a 52-week low of Rs 102 on Tuesday, 14 January 2013.

The stock had underperformed the market over the past one month till 14 January 2014, declining 8.59% compared with the Sensex's 1.53% rise. The scrip had also underperformed the market in past one quarter, sliding 24.2% as against Sensex's 2.06% rise.

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

Shares of Exide Industries declined 11.83% in six trading sessions to Rs 104.30 on 14 January 2014 from a recent high of Rs 118.30 on 6 January 2014. The fall was accentuated after the company reported weak Q3 December 2013 earnings during trading hours on 13 January 2014. The stock had fallen 6.2% to settle at Rs 105.10 on 13 January 2014.

Exide Industries' net profit fell 25.5% to Rs 77.52 crore on 11% decline in net sales to Rs 1301.41 crore in Q3 December 2013 over Q3 December 2012.

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

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