Amara Raja Batteries corrects on profit booking

Amara Raja Batteries fell 1.59% to Rs 330.55 at 11:40 IST on BSE on profit booking after the stock jumped 7.71% in the preceding five trading sessions to Rs 335.90 on 21 November 2013, from a recent low of Rs 311.85 on 13 November 2013.

Meanwhile, the BSE Sensex was up 92.97 points, or 0.46%, to 20,322.02.

On BSE, 20,000 shares were traded in the counter compared with average volume of 52,968 shares in the past one quarter.

The stock hit a high of Rs 339.30 and a low of Rs 330 so far during the day. The stock hit a record high of Rs 342.20 on Thursday, 21 November 2013. The stock hit a 52-week low of Rs 207.75 on 7 August 2013.

The stock had outperformed the market over the past one month till 21 November 2013, rising 8.20% compared with the Sensex's 3.18% fall. The scrip had also outperformed the market in past one quarter, rising 31.70% as against Sensex's 12.97% rise.

The mid-cap company has an equity capital of Rs 17.08 crore. Face value per share is Re 1.

The recent firmness in the stock was triggered by a foreign brokerage raising its price target on the stock to Rs 376 from Rs 350 earlier.

Amara Raja Batteries' net profit rose 34.92% to Rs 94.58 crore on 12.36% growth in net sales excluding other income to Rs 804.72 crore in Q2 September 2013 over Q2 September 2012.

Amara Raja Batteries is one of the largest manufacturers of lead acid batteries for both industrial and automotive applications in the Indian storage battery industry.

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