Brokerage agency Anand Rathi has a purchase suggestion on the inventory for goal worth of Rs 1,131.
Shares of widespread battery maker – Amara Raja Batteries – fell for second straight session on Tuesday on the again of heavy buying and selling volumes. The inventory has declined as a lot as 6.95 per cent, within the final two buying and selling periods, to hit an intraday low of Rs 736.65 on the BSE. Media studies recommended that Clarios, the worldwide power storage options firm, was promoting 1.71 crore shares of Amara Raja Batteries for an combination of $174 million. The flooring worth was reportedly mounted at Rs 746 per share.
Clarios ARBL Holding LP had over 4 crore shares or 24 per cent stake in Amara Raja Batteries as on March 2021, information from BSE confirmed.
As many as 45.23 lakh shares modified arms on the BSE in contrast with a mean of 1.32 lakh shares traded every day previously two weeks. On the National Stock Exchange, as many as 3.22 crore shares had been traded until 11:05 am, information from inventory exchanges confirmed.
Amara Raja Batteries is the main automobile battery maker of the nation and owns widespread auto battery model Amaron.
On Saturday, May 22, 2021, Amara Raja Batteries reported its March quarter earnings. Its web revenue within the January-March interval or the final quarter of the earlier monetary 12 months rose 38 per cent to Rs 189.38 crore in contrast with Rs 137.30 crore throughout the identical interval final 12 months. Amara Raja’s income from operations rose 33 per cent to Rs 2,103 crore.
Meanwhile, brokerage agency Anand Rathi has a purchase suggestion on the inventory for goal worth of Rs 1,131. “Amara Raja’s continuous market-share gains in two wheeler original equipment makers (OEMs), sustained replacement growth and higher industrial segment growth will go a long way in building a strong position in each of its business verticals. With strong volume growth across verticals, we expect margin expansion in the next two years. We continue to be positive on the stock, with a Buy rating at a target price of Rs 1,131,” Anand Rathi stated in a word.
As of 11:10 am, Amara Raja Batteries shares traded 5 per cent decrease at Rs 744.25, sharply underperforming the Sensex which was up 0.2 per cent.
