Shares of Exide Industries Limited zoomed over 6 percent to hit a new 52-week high of Rs 423 apiece on April 15 as Morgan Stanley raised the target price to Rs 485 from Rs 373 after citing multiple levers for growth for the company.
The new price target implies an upside of 22.8 percent from the close of Rs 398 on April 12. The firm's share price has surged over 120 percent in the last year.
Follow our live blog for all the market action
The international brokerage is of the view that the battery manufacturing company's shares could rise significantly over the next ten years. Furthermore, the government's support for Made in India EVs can help the company become a leading player in battery cell localisation.
"The company's strong automobile and industrial tie-ups, and early mover advantage could also play in Exide Industries' favor," Morgan Stanley said in a note on the company.
On April 9, the South Korean auto majors Hyundai Motor Company (HMC) and Kia Corporation announced a partnership with the homegrown battery maker for electric vehicle battery localization in the country.
Soon after the development, JPMorgan had assigned an 'overweight' call on the stock citing that the company's ability to garner partnerships with global OEMs allay investor concerns. Further, more order wins could also be on the cards as Exide continues to be in discussions with several OEMs.
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
