MARKET EYE-BofA Merrill upgrades India's Exide to 'buy'; shares gain

Tue Feb 12, 2013 1:09pm IST

Related Topics

Stocks

   

* Exide Industries Ltd 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 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. 

 (abhishek.vishnoi@thomsonreuters.com /;
abhishek.vishnoi.thomsonreuters.com@reuters.net)
FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

Economic Pulse

REUTERS SHOWCASE

Apple Result

Apple Result

Apple's iPhone sales beat Street but iPad volumes slide.  Full Article 

Nadella's Paycheck

Nadella's Paycheck

New Microsoft CEO Nadella's pay tops $80 mln with big stock awards.  Full Article 

Deregulation Impact

Deregulation Impact

Private fuel retailers to dip toe, not dive back, into India  Full Article 

Gold Import

Gold Import

RBI will not change gold import rules - sources  Full Article 

Idea Results

Idea Results

Idea Cellular Q2 profit up 69 percent  Full Article 

An RBI First

An RBI First

RBI releases minutes of financial stability council's Aug meet  Full Article 

IBM Earnings

IBM Earnings

IBM ditches 2015 operating EPS target, shares slump 7 pct  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage