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New Delhi
[India]
Posted on : Jul 08, 2013

The rupee depreciation has finally forced Exide Industries to raise prices of its batteries by 5-6%, effective Friday.Through the price hike, Exide is seeking to offset the impact of higher import cost of lead, the key input in batteries, said the company’s MD P K Katakay.


The pressure on Exide exerted by unfavourable currency exchange rate will likely continue. For, the rupee still remains under pressure from the dollar. What is more, while lead prices have been easing for a while, the premium for physical delivery remain a concern.“Our pain will continue for some more time as the rupee is likely to remain weak. Also, the premium remains at very high levels,” said Katakay.


Exide imports about 60% of its lead requirement, while the rest comes from its own smelters.While the rupee has remained under pressure for some time, Exide could hold on to prices so far, thanks to its stock of old and cheaper lead which it had till June-end.


The high premium for physical delivery of lead globally is partly due to a sharp rise in demand for the metal in the US where auto sales rose in June at the strongest rate in more than five years.As Exide raised prices on Friday, the rupee ended at 60.24 to a dollar, down from 60.13 on Thursday when it had shown some strength.


This is the second time Exide has raised prices this year – the first hike of about 5% was effected by the replacement market. The first hike was made possible partly because Exide has regained both its lost share of the replacement market and the power to set prices there.


 


Source:- DNA

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