Amara Raja Batteries jumps after foreign brokerage hikes target price

Amara Raja Batteries jumped 4.87% to Rs 335 at 13:09 IST on BSE after a foreign brokerage raised its price target on the stock to Rs 376 from Rs 350 earlier.

Meanwhile, the BSE Sensex was down 51.62 points, or 0.25%, to 20,839.20.

On BSE, 1.10 lakh shares were traded in the counter compared with average volume of 39,599 shares in the past one quarter.

The stock hit a high of Rs 337.25 and a low of Rs 318.70 so far during the day. The stock hit a record high of Rs 341 on 18 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 19 November 2013, rising 3% compared with the Sensex's marginal rise of 0.04%. The scrip had also outperformed the market in past one quarter, rising 23.60% as against Sensex's 14.11% rise.

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

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. Profit before tax (PBT) rose 31.57% to Rs 133.90 crore in Q2 September 2013 over Q2 September 2012. The company announced the Q2 result after market hours on 14 November 2013.

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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