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Amara Raja Batteries hits 52-week low; declines 10% in eight days

Capital Market 

Amara Raja Batteries declined 2.84% to Rs 631.1, extending its losing run to eighth trading session in a row.

Shares of the battery maker have lost 10.79% in eight trading sessions from its previous closing high of Rs 707.45 posted on 9 November 2021. The counter hit a 52-week low of Rs 625.40 in intraday today. The stock has fallen 38.4% from its 52-week high of Rs 1,025 recorded on 15 January 2021.

In last one month, shares of Amara Raja Batteries have declined 9.4% as compared to a 4.8% fall in Nifty 50 index.

On the technical front, the stock's RSI (relative strength index) stood at 21.972. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock is trading below its 50 and 100 days simple moving average placed at 720.90 and 720.90 respectively. These levels will act as crucial resistance zones in near term.

Amara Raja Batteries is an Energy and Mobility enterprise and one of the largest manufacturers of energy storage products for both industrial and automotive applications in the Indian battery industry.

On a consolidated basis, the company posted a 28.3% decline in net profit to Rs 144.32 crore on a 17% rise in net sales to Rs 2,264.15 crore in Q2 FY22 over Q2 FY21.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Mon, November 22 2021. 14:36 IST