Exide Q1 net zooms 84%, to float JV in Australia

Exide Industries today reported a 84% increase in net profit at Rs 70.11 crore for the first quarter ended June 30, 2007 when compared with Rs 38.11 crore in Q1FY07.

According to a release issued to the BSE today, total income increased to Rs 664.54 crore from Rs 439.33 crore in Q1FY07.

The board of directors today approved a proposal for the acquisition of 26% stake in a joint venture company in Australia for marketing traction batteries.

The board also approved the acquisition of the balance 49% shareholding in its existing 51% subsidiary company Caldyne Automatics, the release added.