Exide Industries in top gear after strong Q3 outcome

Exide Industries surged 10.74% to Rs 89.20 at 12:52 IST after posting 58.27% rise in net profit in Q3 December 2007 over Q3 December 2006.

The company announced the results during market hours today, 14 January 2008.

Meanwhile, BSE Sensex was down 63.35 points or 0.3% to 20,764.

On BSE, 34.28 lakh shares were traded in the counter. The stock had an average daily volume of 30.03 lakh shares in the past one quarter.

The stock hit a high of Rs 89.60, also a record high for the scrip. It hit a low of Rs 81.05 so far during the day. The stock had hit a 52 week low of Rs 37.34 on 2 April 2007.

India's largest lead acid batteries maker by sales had outperformed the market over the past one month till 11 January 2008, gaining 9.22% as compared to the Sensex's return of 3.6%. It had also outperformed the market in the past one quarter, rising 24.17% as compared to the Sensex's rise of 13.08%.

The company's current equity is Rs 80 crore. Face value per share is Rs 1.

The current price of Rs 89.20 discounts Q2 September 2007 annualised EPS of Rs 3.32 by a PE multiple of 26.86.

The company's net profit rose 58.27% to Rs 55.16 crore on 59.18% rise in total income to Rs 722.19 crore in Q3 December 2007 over Q3 December 2006.

Exide Industries' principal activity is to manufacture and sell storage batteries. It manufactures lead acid storage batteries used for starting piston engines and other lead acid accumulators.