Buy Exide Industries Ltd., target Rs 204: Citigroup

Citigroup has a buy call on Exide Industries Ltd. with a target price of Rs 204.0. The current market price of Exide Industries Ltd. is Rs 177.2. Time period given by analyst is year, when Exide Industries Ltd. price can reach defined target. The Q1 results reflect stronger than expected sales in the inverter segment. Higher other income, lower tax aided beat at PAT level, said the Citi note. Recovery in demand across both the automotive as well as the industrial battery segments are key positives. Citigroup in the note said that it has increased their EPS estimates by 1-5 per cent over FY17-19.