Momentum Pick: After 62% returns in 1 year, Exide Industries all charged-up for next leg of rally

Despite already experiencing a strong rally over the past year, battery manufacturer Exide Industries’ stock continues to rise, outperforming the Nifty50 by over 40%. The stock hit a 52-week high and is expected to have a further 25% increase. Technical analyst Rajesh Palviya recommends buying the stock and sees correction as a buying opportunity. HDFC Securities has a ‘buy’ view on the stock and anticipates up to a 19% upside. The company’s battery management system subsidiary has a promising order book and the collaboration with Svolt, China for a lithium-ion battery manufacturing plant could provide a medium-term trigger.