May 8, 2018 / 6:17 AM / 2 months ago

BUZZ-India's Exide Industries extends gains; Goldman Sachs, Deutsche Bank raise TP

** Shares of Exide Industries Ltd edge higher on Tuesday, after gaining over 5 pct in the previous session

** Co reported a 15 pct jump in March qtr profit late during trading hours on Monday

** Morgan Stanley (MS) says Exide posts strong growth and margin progression in Q4, while Goldman Sachs (GS) says Q4 earnings were above expectations

** Deutsche Bank (DB) says Exide’s qtrly operating results came in line with forecasts but marginally better than consensus

** MS adds, FY19 should show a pickup in replacement sales and healthier margins because lead prices have corrected

** GS raises its FY19-20 revenue estimates by an average of 2.4 pct to factor in robust volumes and lead prices

** DB says, building in robust revenue growth for Exide driven by stabilisation in automotive battery market-share/pricing and cyclical uptick in industrial batteries

** DB, however, cuts its FY19/20 EPS forecasts marginally (3 pct) due to lower other income and higher tax rate assumptions

** GS raises Exide’s TP to 273 rupees from 250 rupees, while DB raises TP to 230 rupees from 210 rupees

** MS maintains ‘overweight’ on stock with TP of 266 rupees

** Stock has risen 17 pct this year to Monday’s close

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