Amar Raja charges up on Maruti order

DALAL STREET SPIKES

Though small-and mid-cap stocks lost ground for the second day in a row on profit booking, Amar Raja Batteries bucked the trend to end 6.63 per cent higher on Tuesday.

The stock hit an intra-day high of Rs 89.80, before closing at Rs 85.95. The counter witnessed a volume of 1.72 lakh shares on the BSE.

Brokers said the stock was in the limelight on the back of reports that the company has signed an agreement with car maker Maruti Udyog to supply batteries.

For the quarter ended June 2004, the company reported a 116 per cent jump in net profit on a five per cent growth in sales to Rs 42.20 crore.

The scrip surged in the last few days, on overall upward trend in small- and mid-cap stocks. From a low of Rs 50.10 on June 24, 2004, the scrip has appreciated more than 70 per cent to Tuesday's close of Rs 85.95.