Amara Raja Batteries extends gains after foreign brokerage hikes target price

Amara Raja Batteries rose 1.8% to Rs 337 at 10:00 IST on BSE, with the stock extending Wednesday's 3.63% gains triggered by a foreign brokerage raising its price target on the stock to Rs 376 from Rs 350 earlier.

Meanwhile, the S&P BSE Sensex was down 263.33 points or 1.28% at 20,371.80.

On BSE, 32,000 shares were traded in the counter as against average daily volume of 79,000 shares in the past two weeks.

The stock hit a high of Rs 339.50 and a low of Rs 330.80 so far during the day.

Shares of Amara Raja Batteries have risen 5.49% in two trading sessions from Rs 319.45 on 19 November 2013 after a foreign brokerage raised its price target on the stock to Rs 376 from Rs 350 earlier. The stock had risen 3.63% to settle at Rs 331.05 on Wednesday, 20 November 2013.

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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