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Mumbai: Shares of Exide Industries jumped more than 10 per cent after the company reported a better-than-expected growth, two dealers said. The company's net fourth quarter net profit rose 22 per cent, beating analysts expectations, on higher sales. In a note Bank of America Merrill Lynch said "We reiterate 'buy' with 40 per cent upside as concerns on margin that led to de-rating since Jan 2011 will get reversed". The U.S investment bank has a target price of Rs 196 for the battery maker.
At 12.06 p.m. shares were trading at Rs 151, up 7.63 per cent.
At 12.06 p.m. shares were trading at Rs 151, up 7.63 per cent.
