See Exide bottoming out in near term: Rajen Shah

Rajen Shah of Angel Broking sees Exide bottoming out in the coming few days, and that would be a good time to get into the stock, he adds.
 
Shah told CNBC-TV18, “Exide should report about 6.5 earnings for the current year but going forward this could move up to 7.5 or 7.75 for FY14. Now it has come down to levels of Rs 125, I do not see any major downside. Probably one could see the stock bottoming out in the coming few days and that would be a good time to get into Exide because this year the auto industry is talking about growing at 2 percent. And despite that the company would report about 6.5 earnings.”
 
“So, once the scenario improves Exide could be expected to do better. It should bottom out around Rs 115-120 and that would be the worst case thing for Exide. And from thereon probably move to about Rs 160 in the next 12 months would be seen,” Shah added.