Nomura upgraded battery maker Exide Industries Ltd to 'buy' from 'neutral' and raised its target price to Rs 151 from Rs 143 earlier.
Nomura cited expectations of strong margin improvement in the April-June quarter, led by price increases in its replacement and industrial batteries segments.
The investment bank also notes lead prices are down around 6 per cent, improving Exide's profit margins.
Shares in Exide Industries on Wednesday closed at Rs 126.45 apiece on the BSE, up 0.92 per cent from the previous close.
Copyright @ Thomson Reuters 2013
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