Exide Industries share price jumps over 6% to 52-week high after Morgan Stanley raises target price, sees 22% upside

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₹423.80 apiece on the BSE. Morgan Stanley reiterated its ‘Overweight’ rating and raised Exide Industries share price target to ₹485 apiece from ₹373 earlier citing multiple levers for growth. The target price implies an upside potential of nearly 22% from Friday’s closing price.

Exide Industries share price has jumped over 122% in the past one year and the brokerage firm believes it could further rise significantly over the next ten years. Also Read: Exide Industries EV battery pact is positive, but not without challenges According to the brokerage firm, the government’s support for Made in India Electric Vehicles (EVs) can help Exide Industries become a leading player in battery cell localisation, a report said. Further, the government’s support, fall in battery cost and rising demand from EVs and industrial segment will drive demand for lithium batteries to 150 gigawatt hours, which will represent a $13 billion Total Addressable Market (TAM) for Exide Industries to leverage, Morgan Stanley said.

Moreover, Exide Industries’ strong automobile and industrial tie-ups, and early mover advantage could also play in its favor, as per the brokerage firm. Also Read: Exide Industries hits back-to-back 52-week high on EV deal with Hyundai, Kia; Time to buy? Exide shares have seen a decent rally as the stock is up more than 34% in one month and over 28% year-to-date (YTD). The recent gains in Exide Industries share price came after the battery manufacturer partnered with the South Korean auto majors Hyundai Motor Company (HMC) and Kia Corporation for the production of electric vehicles (EV) batteries in India.