Exide Industries Q1 net profit rises to Rs.70.11 Crores

Exide Industries Ltd has announced the unaudited financial results for the quarter ended June 30, 2007.

The Company has posted a net profit after tax of Rs 701.10 million for the quarter ended June 30, 2007 as compared to Rs 381.10 million for the quarter ended June 30, 2006. Total Income (net of Excise Duty, VAT & Sales Tax) has increased from Rs 4393.30 million for the quarter ended June 30, 2006 to Rs 6645.40 million for the quarter ended June 30, 2007.

The Board of Directors of the Company at its meeting held on July 20, 2007, inter alia, the members have given their approval for acquisition of 26% stake in a joint venture Company in Australia for marketing of traction batteries.

Further the Company has informed that, the Board has also approved the acquisition of the balance 49% shareholding in its existing 51% subsidiary Company, viz., Caldyne Automatics Ltd.

The stock was trading at Rs.51, up by Rs.3.90 or 8.28%. The stock hit an intraday high of Rs.52.40 and low of Rs.47.20. The total traded quantity was 1084000 compared to 2 week average of 383449.

Source : Equity Bulls

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