Stock market analysts have maintained 'buy' rating on Exide Industries Ltd with an intraday target of Rs 115.

According to them, interested traders can purchase the stock with a strict stop loss of Rs 109.50.

If the bourses remain on the positive track, then the stock price will hit a target above Rs 117.

Shares of the company, on Tuesday (Nov 10), closed at Rs 112.45 on the Bombay Stock Exchange (BSE). The share price has seen a 52-week high of Rs 117.30 and a low of Rs 34.55 on BSE. Current EPS & P/E ratio of the stock stood at 4.96 & 23.54 respectively.

Exide Industries Ltd has announced that its net profit zoomed 92.3% to Rs 149.67 crore on 5.5% increase in sales to Rs 950.31 crore for the three month period ended September 30, 2009 as compared to the corresponding period of the last year.

The company's earnings exceeded market hopes as input costs dropped and the company strengthened its distribution system. The weakening dollar-rupee rate of exchange also assisted the company as it help reduce the impact of the recent increase in worldwide lead rates.

Since April this year, Exide was capable of repaying the majority of its term borrowings resulting in large savings in interest cost. For the period to Sept 2009, the interest cost stood at Rs 4.40 crore as compared to Rs 13.36 core during the same period of the last year.

The bottom line expansion has exceeded market anticipations.

In the meantime, Exceed Ind announced an interim dividend of Rs 60 paise a share having face value of Rs 1 each share.

Exide Industries is the maker and seller of storage batteries. It produces lead acid storage batteries that are used for starting piston engines and other lead acid accumulators.