Exide

Exide, which we recommended first in November 2003. The basis for our recommendation on the stock was a belief that the recovery in auto demand, which started in September 2001, shall remain robust across segments over the ensuing years. And that Exide being the largest auto battery company in the country would consequently benefit. Out positive view on the stock also stemmed from an expected pickup in replacement demand for auto batteries, which stood out to be the case. The rest is, as they say, history. Since our recommendation, the stock has multiplied 5 times, from Rs 14 to Rs 74.