BofA Merrill upgrades Exide to 'buy'; shares gain
Reuters Market Eye - Exide Industries Ltd (EXID.NS) shares gain 1 percent after Bank of America Merrill Lynch upgrades the stock to "buy" from "underperform," given expectations of an "an imminent increase in pricing power in automotive batteries."
BofA Merrill also raises Exide's target price to 160 rupees from 122 rupees earlier.
The investment bank says an expected hike in battery prices also supported by capacity constraint at Exide rival Amara Raja Batteries Ltd (AMAR.NS) and the rising costs of lead, among other factors. Exide Industries will raise prices for replacement auto batteries by 5-6 percent due to rising input costs, a company source with direct knowledge of the matter told Reuters on Friday.
(Reporting by Abhishek Vishnoi)
- Tweet this
- Share this
- Digg this
- PM Modi says al Qaeda will fail in India - CNN
- Scots spurn independence in historic vote, nationalist leader resigns
- Eight bodies found after attack on Guinea Ebola education team
- India TV anchor's number is up after naming China's Xi 'Eleven'
- CORRECTED-UPDATE 2-SAP agrees to buy expense software maker Concur for $7.3 bln
India has capped the prices of 36 drugs, including those used to treat infections and diabetes, in its latest move to make essential medicines more affordable, a senior official of the country's drug pricing authority told Reuters on Friday. Full Article
Obama to nominate Indian-American Richard Verma as India ambassador - congressional source. Full Article
Top rice exporter India importing over 100,000 T on temporary supply squeeze. Full Article