There are stocks that come once in a lifetime, catapulting their investors to wealth, and some that become the coveted multibaggers within a short time span. Exide Industries is one such stock that, on Monday, surged a spectacular 16% and—incredibly—doubled its investors' money within a year.
Hitting the 52-Week High
Opening at 324.50 on Monday, Exide Industries' share price soared to an all-time high of 383.50 during the trading day, while also touching a low of 321. The market closed with the stock's price leaping a staggering 16.78% to 375.85—increasing by 54 rupees in just one day.
Hyundai and Kia Alliance Elevates Stocks
Playing a pivotal role in the lithium battery market, Exide Industries boasts a market capitalization of 32060 crores. Reports suggest the recent surge is due to South Korea's automobile powerhouses, Kia Corporation and Hyundai Motor, signing an agreement with Exide Energy Solutions for EV battery localization in India—a subsidiary of Exide Industries. This deal led to an immediate 16% boost in the company's share price.
Turning Rs 1 Lakh into Rs 2 Lakh in a Year
Looking at the share's performance over the last year, investors have witnessed multibagger returns. The stock jumped by 107.14%, elevating its price by 194.40 rupees. If an investor had allocated Rs 1 lakh to Exide shares a year ago and held onto them, that investment would now be worth Rs 2 lakh.
Delivering Multibagger Returns in the Short Term
Exide Industries' share has provided a robust 20% return to its investors in the past five days. Within a month, it has rewarded a 16.07% return. Looking at the past six months, the stock has delivered an impressive 47.39% return, proving to be a profitable short-term investment as well.
