Exide shares gain on earnings, despite some doubts

Reuters Market Eye - Shares in Exide Industries Ltd rise after the industrial and automotive battery maker reported late on Monday that April-June earnings rose 17 percent to 1.85 billion rupees ($30.73 million), beating some analysts' estimates.

However, traders say the stronger-than-expected results could be mainly due to a boost in sales of inverters due to a hot summer and power outages rather than a sustained turnaround.

Exide will hold an analyst call on Wednesday at 4:00 p.m.

Exide shares were up 4.6 percent to 165.50 rupees as of 12:08 p.m.

(Reporting by Abhishek Vishnoi)