Exide Industries jumped 3.49% to Rs 131.90 at 12:00 IST on BSE after two foreign brokerages upgraded their ratings on the stock.
Meanwhile, the S&P BSE Sensex was up 42.61 points, or 0.21%, to 19,991.34.
On BSE, 2.42 lakh shares were traded in the counter as against an average daily volume of 1.64 lakh shares in the past one quarter.
The stock hit a high of Rs 133.35 and a low of Rs 128.20 so far during the day. The stock had hit a 52-week high of Rs 166.30 on 19 October 2012. The stock had hit a 52-week low of Rs 115.35 on 8 April 2013.
The stock had underperformed the market over the past one month till 17 July 2013, rising 1.68% compared with the Sensex's 3.22% rise. The scrip had outperformed the market in past one quarter, rising 0.63% as against Sensex's 6.50% rise.
The large-cap company has an equity capital of Rs 85 crore. Face value per share is Re 1.
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Two foreign brokerages assigned 'outperform' and 'overweight' ratings respectively on the Exide Industries stock, citing a return in pricing power and a faster-than-expected correction in its replacement segment mix.
Brokerages also cited a recovery in replacement demand, further noting that the company is well placed to benefit given its dealer network and output capacity.
Exide Industries' net profit rose 4.4% to Rs 158.80 crore on 4.8% growth in net sales to Rs 1626.34 crore in Q1 June 2013 over Q1 June 2012. The result was announced after market hours on Monday, 15 July 2013.
Exide Industries is a leading manufacturer of lead acid batteries for automotive, telecom, traction, UPS, naval and motive power markets.
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