BofA Merrill upgrades Exide to buy; shares gain
Feb 12 2013
BofA Merrill also raises Exide's target price to 160 rupees from 122 rupees earlier.
The investment bank says an expected hike in battery prices also supported by capacity constraint at Exide rival Amara Raja Batteries Ltd and the rising costs of lead, among other factors. Exide Industries will raise prices for replacement auto batteries by 5-6 percent due to rising input costs, a company source with direct knowledge of the matter told Reuters on Friday.