Exide Industries Shares Hit All Time High After 'Chloride' Trademark Win
The settlement had no impact on the company's financials, the company said.
Shares of Exide Industries Ltd. rose to an all-time high on Monday after the company won the right to use the 'Chloride' trademark in India after the Delhi High Court passed a decree.
Vertiv Co. U.K., and Vertiv Energy Pvt. agreed that the trade mark 'Chloride' and its variant in India are registered under the name 'Exide', the storage battery manufacturer said in an exchange filing on Sunday. The agreement had prohibited both companies from using the trademark either directly or indirectly.
The settlement had no impact on the company's financials, as it had been using the trademark for its electronic products during the litigation period since 2006, Exide Industries said.
Shares of the company rose 0.96%, the highest since its listing on July 2, 1997, before paring gains to trade 0.76% higher at 09:56 a.m. This compares to a 0.12% decline in the NSE Nifty 50.
The stock has risen 57.67% on a year-to-date basis. Total traded volume so far in the day stood at 3.8 times its 30-day average. The relative strength index was at 73.08.
Of the 23 analysts tracking the company, 15 maintain a 'buy' rating, five recommend a 'hold,' and three suggest a 'sell,' according to Bloomberg data. The average 12-month analysts' consensus price target implies an upside of 54.3%.