The board approved capex of Rs 440 crore to augment manufacturing capacities of Large VRLA and four wheeler batteries.
Amara Raja Batteries has rallied 6% to Rs 320, also its 52-week high on BSE, after reporting 23% year-on-year growth in net profit at Rs 81 crore in the quarter ended December 31, 2012 (Q3) on back of the strong growth in volumes of 4-wheeler and 2-wheeler batteries.
“Net sales of the company increased 23% to Rs 757 crore for the quarter, as against Rs 612 crore a year ago,” Amara Raja Batteries said in a statement.
Meanwhile, the company engaged in manufacturing of industrial and automotive batteries is planning to invest Rs 440 crore for capacity expansion in the automotive segment.
“The board of directors has approved capex of Rs 440 crore to augment manufacturing capacities of Large VRLA and four wheeler batteries,” the company said.
The stock opened at Rs 308 and has seen a combined around 225,000 shares changing hands on the counter in opening deals on both the exchanges.
Shares of UCO Bank has slumped after the bank posted a sharp drop in net profit for the third quarter ended December 31, 2012.