Exide Industries Limited | Latest market updates

Exide Industries hits 52-week high on Morgan Stanley’s raised target price!

Analysts predict strong growth for Exide Industries Limited due to government support for Made in India electric vehicles. Check the complete details inside.

Contrary to prevailing market sentiment, Exide Industries Limited experienced a notable surge today, with its shares climbing by 2.70% to reach an all-time high of Rs 423.80 on the BSE. Furthermore, the scrip witnessed a spurt in volume by more than 2.63 times. The company’s current market capitalization stands at Rs 34,718.25 crore.

Recent Development

Recently, Morgan Stanley increased the target price for the company to Rs 485 from Rs 373, highlighting various growth opportunities for Exide Industries. Analysts foresee significant growth potential in the shares of Exide Industries Limited over the next decade. This optimism stems from government support for Made in India electric vehicles, positioning Exide as a key player in battery cell localization.

Morgan Stanley highlighted Exide’s strong alliances in the automobile and industrial sectors, along with its early mover advantage. A recent partnership with Hyundai and Kia further underscores Exide’s potential, leading JPMorgan to assign an ‘overweight’ rating on the stock. Furthermore, JPMorgan emphasized Exide’s ability to secure partnerships with global OEMs and ongoing discussions with multiple OEMs, indicating further growth prospects.

About the Company

Exide Industries Ltd focuses primarily on manufacturing storage batteries and related products in India.

Business Development

In terms of product distribution, Exide Industries Ltd primarily focuses on storage batteries, constituting 100% of its product portfolio. Furthermore, geographically, the company’s operations are predominantly based in India, accounting for 92% of its presence. The remaining 8% is attributed to the rest of the world. This indicates a strong concentration of Exide Industries Ltd’s activities within the domestic market, with a notable but smaller presence in international markets.

Shareholding Pattern

In December 2023, the promoter’s holding in the company remained steady at 45.99%, maintaining its stability. However, there was a slight increase in Foreign Institutional Investors ownership, rising from 12.81% in September 2023 to 12.94% in December 2023. This indicates a continued interest from FIIs in the company’s stock during the specified period.

Furthermore, the stock has experienced significant buying activity, yielding multibagger returns of more than 120% in the last one year.

Disclaimer: This post has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. The information is based on various secondary sources on the internet and is subject to change. Please consult with a financial expert before making investment decisions.