Amara Raja Batteries rose 1.59% to Rs 755.05 at 13:18 IST on BSE after a foreign investment bank reportedly upgraded the stock to buy.
Meanwhile, the BSE Sensex was down 121.11 points, or 0.42%, to 28,378.43
On BSE, so far 47,761 shares were traded in the counter, compared with an average volume of 32,235 shares in the past one quarter.
The stock hit a high of Rs 790 and low of Rs 746.95 so far during the day. The stock had scaled a record high of Rs 795.45 on 19 November 2014. The stock hit a 52-week low of Rs 312.35 on 27 November 2013.
The stock had outperformed the market over the past one month till 24 November 2014, advancing 18.01% compared with Sensex's 6.14% rise. The scrip had also outperformed the market in past one quarter, surging 32.95% as against Sensex's 7.87% rise.
The large-cap company has an equity capital of Rs 17.08 crore. Face value per share is Re 1.
A foreign investment bank reportedly upgraded the Amara Raja Batteries stock to buy as it expects the company to see significant market share gains in both automobile and power back-up batteries by the year ending 31 March 2014 (FY17) owing to new capacity additions. Amara Raja Batteries has successfully leveraged to increase its earnings before interest, taxation, depreciation and amortization (EBITDA) margin to over 17%, which is 300 basis points (bps) higher than its key competitor Exide Industries, the investment bank said. According to the investment bank, the stock may see further upside from tax incentives on new plants.
Amara Raja Batteries net profit rose 6% to Rs 100.30 crore on 31.5% increase in total income to Rs 1071.17 crore in Q2 September 2014 over Q2 September 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.
Powered by Capital Market - Live News
