Nomura raises Exide to buy on outlook

Last Updated: Wed, Mar 06, 2013 09:47 hrs

Nomura upgrades battery maker Exide Industries Ltd to "buy" from "neutral" and raises it target price to 151 rupees from 143.

Nomura cites expectations of strong margin improvement in the April-June quarter, led by price increases in its replacement and industrial batteries segments.

The investment bank also notes lead prices are down around 6 percent, improving Exide's profit margins.

Exide shares are up 0.4 percent.

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