Exide Industries shares gain on earnings, despite some doubts

Written by Reuters | Updated: Jul 22 2014, 19:21pm hrs
Shares in India's Exide Industries Ltd jump 5 percent after the industrial and automotive battery maker reported late on Monday that April-June earnings rose 17 percent to 1.85 billion rupees ($30.73 million), beating some analysts' estimates.

However, traders say the stronger-than-expected results could be mainly due to a boost in sales of inverters due to a hot summer and power outages rather than a sustained turnaround.

Exide Industries will hold an analyst call on Wednesday at 1600 India time (1030 GMT).

($1 = 60.2000 Indian Rupees)