Exide stock extended its winning run for 9th straight session, gains 54%; Nomura lifts target price to ₹485
Exide Industries, a leader in energy storage and management solutions, soared to yet another all-time high, reaching ₹481.70 per share, representing a 4.70% increase. This stellar surge in stock price has resulted in a cumulative gain of 54% over a mere nine trading sessions. The recent surge in the stock has escalated its one-year return to 148% and its two-year return to nearly 200%.
From its lows during the Covid-19 pandemic, the stock is currently trading 264% higher. Also Read: Exide Industries shares jump over 6% after Morgan Stanley raises target price The stock initiated its upward momentum on April 08 after the company's wholly owned subsidiary, Exide Energy Solutions, signed a non-binding MOU with Hyundai Motor Company ("Hyundai Motors") and Kia Corporation ("Kia") to explore strategic cooperation opportunities in India's EV market. This announcement significantly boosted investor sentiment toward the company, as it is expected to generate additional revenue and enhance Exide's market presence in India's growing electric vehicle sector.
Subsequent to this development, brokerage firms have raised the stock price, which further amplified investor sentiment and propelled the stock to unprecedented levels day by day. In a recent note, Japanese brokerage firm Nomura lifted its target price on the stock to ₹485 apiece from an earlier target price of ₹233. The brokerage continued with its 'buy' rating.
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