The Hindu Business Line : Exide Ind gains on insurance foray

The Exide Industries counter, which on Tuesday hit a low of Rs 38.25 to close at Rs 40.10 on the NSE, is seen to derive value from the battery maker's decision to invest in ING Vysya Life Insurance Co. The company had a few months ago proposed to pick up a 49 per cent-plus stake in the insurer for Rs 200 crore or so.

The life insurance sector, it is pointed out, is currently on a roll and, despite increasing competition and FDI constraints, is aiming at a deeper market penetration in the years ahead. On Tuesday, the Exide Industries counter, which has been recently split to Re 1 per share, recorded a total traded quanity of 2.6 lakh shares. Its 52-week low is Rs 37.75.

Nilanjan Dey

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