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

Tue Feb 12, 2013 1:09pm IST

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* 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)
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