Shares of Exide Industries Ltd. rose to a record high on Thursday after investing in its wholly owned subsidiary to help it set up a greenfield project in Bengaluru.
Exide Industries invested Rs 75 crore by subscribing to equity shares of Exide Energy Solutions Ltd. on a rights basis. After this, the company's total investment in the subsidiary stands at Rs 2,452 crore, according to an exchange filing. The shareholding pattern remained unchanged after the transaction, at 100%.
The greenfield project at Bengaluru is for manufacturing and selling lithium-ion battery cells, modules, and pack businesses, the filing said.
Shares of Exide Industries Ltd. rose 1.70%, the highest level since its listing on June 17, 2003, before paring some gains to trade 1.10% higher at Rs 546.65 as of 10:54 a.m. This compared to a 0.25% advance in the NSE Nifty 50.
The stock has gained 164.45% in 12 months, and risen 71.92% year-to-date. Total traded volume so far in the day stood at 0.34 times its 30-day average. The relative strength index was at 67.67.
Out of 23 analysts tracking the company, 13 maintain a 'buy' rating, four recommend a 'hold' and six suggest 'sell', according to Bloomberg data. The average 12-month analysts' consensus price target implies a downside of 13.8%.
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