Exide Ind extends gain on raising battery prices

The company raised automotive battery prices by 2.5%, with the hike effective June 1.

Exide Industries has surged 4% to Rs 124.65, extending its previous day’s around 3% gain on reports that the auto parts and equipment maker has raised automotive battery prices by 2.5%, with the hike effective June 1.

“Analyst says price hike was largely beneficial for Exide as it sources 50% of its lead supplies from captive smelters which give it 10-12% pricing advantage,” the Reuters report suggests.

A combined around one million shares have changed hands on the counter so far, against an average sub one million shares that were traded daily in past two weeks on the NSE and BSE.