Shares of Exide Industries rose 4% to hit a fresh 52-week high on Monday as global brokerage Morgan Stanley raised the battery maker’s target price to ₹485 from ₹373.
The stock opened at ₹401 against its previous closing price of ₹398.15 on Friday. The counter hit an intraday high of ₹423.65, taking the company’s market cap to over ₹35,000 crore.
Shares of Exide Industries have gained 29% over the past six trading sessions. The stock is up 120% over the past year.
In its latest note, Morgan Stanley says Exide shares can rise significantly over the next decade and the company could become a leading player in battery cell localisation.
Its strong automobile and industrial tie-ups, and early mover advantage could also play in Exide Industries’ favour, the brokerage notes.
Last week, Exide signed deals with Hyundai Motor Company and Kia Corporation to localise electric vehicle…
