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Exide Shares Gain on Earnings, Despite Some Doubts

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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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