India's Exide hits record high, MS hikes PT to Street-high on growth prospects

Exide Industries

15/04/2024 08:12

** Shares of battery maker Exide Industries  EXID.NS  up
6.4% to 423.65 rupees, hit record high for fourth time this
month
        ** Morgan Stanley raises PT by 30% to Street high of 485
rupees
  
        ** Brokerage expects stock to rise over next decade,
citing potential benefits of govt's push for electric vehicles
to be made in India, auto and industrial customer tie-ups
  
    ** Earlier this month, co's unit signed agreement to supply
batteries for Hyundai Motor  005380.KS  and Kia's  000270.KS 
EVs
    ** Brokerage keeps 'overweight' rating - equivalent of a buy
as per LSEG data; avg rating of 18 analysts is close to
equivalent of 'hold'
    ** More than 34 mln shares trade in their third-busiest
session so far this month
    ** EXID up 31.5% YTD vs Nifty small-cap index's
 .NIFSMCP100  7.7% rise

 (Reporting by Rama Venkat in Bengaluru)
 ((ramavenkat.raman@thomsonreuters.com; https://twitter.com/ramavenkat0607;))