Exide Shares Gain on Earnings, Despite Some Doubts

Exide Shares Gain on Earnings, Despite Some Doubts

Shares in Exide Industries Ltd rose after the industrial and automotive battery maker reported late on Monday that April-June earnings rose 17 per cent to Rs 185 crore ($30.73 million), beating some analysts' estimates.

However, traders said the stronger-than-expected results could be mainly due to a boost in sales of inverters due to a hot summer and power outages rather than a sustained turnaround.

Exide will hold an analyst call on Wednesday at 4:00 p.m.

Exide shares were up 4.6 per cent at Rs 165.50 as of 12:08 p.m.

Copyright: Thomson Reuters 2014

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