Exide Industries, which is a leader in the domestic Battery Segment with a strong brand image, has a clear growth visibility going ahead. Completion of capacity addition will enable it to enhance exports. We Initiate Coverage on the stock, with a Buy recommendation. We value its stake in ING Vyaya Life Insurance at Rs17 per share at 15x FY2010E New Business Arrived Profit (NBAP) and adjusted valuation of 11x FY2010E Earnings for its core business. Thus, the stock is available at attractive valuations.

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