Exide up and about

Exide Industries is up almost 2% at Rs.129.30, with an intra day high and low at Rs.130.20 and Rs.127.90 respectively. Volumes remain muted at 20,000 shares.

The stock is up on news that Canada based Manulife Financial Services will be buying 26% stake in ING Life Insurance. The deal was valued at around Rs.1100 crore when ING had exited. ING had exited from this insurance venture with Exide in January and since then Exide has been looking out for a partner. This stake sale news apart, there is also news that Exide is planning to hike battery prices, given the fall in rupee. Lead accounts for over 70% of the company's raw material cost and 75% of this is imported. Imports, naturally have become costlier and prices in doemstic prices are thus set to rise. Last time Exide had hiked prices, it was first a 5% hike in April then another 5% in June; this when the rupee had hit Rs.61.