The share price has surged over 123 percent in the last year.
live bse livense live Volume Todays L/H More ×Shares of Exide Industries Limited zoomed over 6 percent to hit a new 52-week high of Rs 423 apiece on April 15 as Morgan Stanley raised the target price to Rs 485 from Rs 373 after citing multiple levers for growth for the company.
The new price target implies an upside of 22.8 percent from the close of Rs 398 on April 12.
The firm's share price has surged over 120 percent in the last year.
"The company's strong automobile and industrial tie-ups, and early mover advantage could also play in Exide Industries' favor," Morgan Stanley said in a note on the company.
The share price has surged over 123 percent in the last year.
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nse live Volume Todays L/H More ×
Shares of Exide Industries Limited zoomed over 6 percent to hit a new 52-week high of Rs 423 apiece on April 15 as Morgan Stanley raised the target price to Rs 485 from Rs 373 after citing multiple levers for growth for the company.
The new price target implies an upside of 22.8 percent from the close of Rs 398 on April 12. The firm's share price has surged over 120 percent in the last year.
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The international brokerage is of the view that the battery manufacturing company's shares could rise significantly over the next ten years. Furthermore, the government's support for Made in India EVs can help the company become a leading player in battery cell localisation.
"The company's strong automobile and industrial tie-ups, and early mover advantage could also play in Exide Industries' favor," Morgan Stanley said in a note on the company.
On April 9, the South Korean auto majors Hyundai Motor Company (HMC) and Kia Corporation announced a partnership with the homegrown battery maker for electric vehicle battery localization in the country.
Soon after the development, JPMorgan had assigned an 'overweight' call on the stock citing that the company's ability to garner partnerships with global OEMs allay investor concerns. Further, more order wins could also be on the cards as Exide continues to be in discussions with several OEMs.
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