Exide Industries Share Price Soars on Wednesday!
📈🔥 The stock market witnessed a significant sell-off on Wednesday, with both the Sensex and Nifty experiencing a decline. However, amidst the falling market, some shares are looking promising for the long term. Brokerage firm ICICI Direct has recommended buying shares of Exide Industries for the long term.
Over the past two years, the stock has delivered nearly 100% returns. The brokerage has set a target of ₹400 for the stock over the next 6-12 months. As of March 13, 2024, the stock closed at ₹300, indicating a potential gain of around 34% from its current price.
Exide Industries has doubled investors’ money over the past two years, with a 68% increase in the last year and 12% in the last 6 months. On Wednesday, the stock traded at a high of ₹319.95 and a low of ₹297.75 intraday. By Friday (March 15, 2024), the share price had increased by 0.23% to ₹306.
The brokerage firm believes that the company will benefit from its early and aggressive commitment to EV transition without incurring liabilities. Exide is one of the early entrants in the new age lithium-ion battery market, making it more capable of tackling EV disruptions. The company’s capex plan is robust.
In the third quarter of FY23, the company’s standalone revenue increased by 12.8% (YoY) to ₹3,841 crore. EBITDA stood at ₹440 crore with an EBITDA margin of 11.5%. The company reported a profit of ₹240 crore, marking an 8% yearly growth.
Aside from the automotive sector, Exide Industries will benefit from significant investments in renewable, telecommunications, and basic infrastructure (electricity, railways, etc.) sectors.
Disclaimer: This is News Coverage with Opinions of Experts and Should Not Be Taken as Direct Market Buying Tip. Market is always subject to risk. We recommend taking our content as research before investing.
