India's HBL Power Systems hits record high after Q3 profit jump

Eveready Industries India

07/02/2024 08:28

** Shares of batteries maker HBL Power Systems  HBLS.NS 
rise as much as 3.4% to a record high of 554 rupees
    ** HBLS reports Q3 consolidated net profit jumping 3.3x Y/Y
while income from ops rose 80% Y/Y
    ** Revenue from industrial batteries segment, which forms
almost a third of co's income rose ~41%
    ** Co also approved investment of 1.75 bln rupees ($21.09
mln) for capital expenditure during FY25 including 600 mln
rupees for lithium ion cell production plant 
    ** Share price above 50-day, 100-day and 200-day exponential
moving averages since Oct. 26
    ** Stock rose ~313% in 2023, its best yearly performance
since 2007 listing 
    ** Shares of rivals Amara Raja Energy & Mobility  AMAR.NS 
and Exide Industries  EXID.NS  rose 42.7% and 76.3%,
respectively in 2023, while Eveready Industries India  ERDY.NS 
fell 4.5%



($1 = 82.9700 Indian rupees)

 (Reporting by Ashish Chandra in Bengaluru)
 ((ashish.chandra@thomsonreuters.com (+91 7982114624))