Exide results beat Dalal Street (Live mint.com 15th Jan 2008)Exide Industries Ltd’s shares have more than doubled so ar this fiscal year, on the back of strong earnings growth and a revision in the value of its insurance subsidiary. The company’s better than expected December quarter results and news that it would get an order for Tata Motors Ltd’s Nano cars has led to a minor re-rating in the last two trading sessions. Adjusted for the value of its holdings in its insurance subsidiary (about Rs18 per share), the core battery business’ valuation has risen nearly 20% in just two trading sessions. Motilal Oswal Securities Ltd had estimated Exide’s earnings at Rs50 crore in the December quarter, while the company reported a net profit of Rs55 crore, 10% higher than the estimate. Moreover, operating margin was maintained at year-ago levels of 15%, which is commendable considering that lead prices during the period had nearly doubled. More IDFC Q3 consolidated net up 74% at Rs 217cr (Busine...
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