Amara Raja hits new high

Amara Raja Batteries hit a new 52-week high today at Rs.341, with volumes spiking up by over 7 times. It has come off the high but remains firmly entrenched in the green at Rs.326 levels.

The stock hit a high on the back of its very good performance for Q2FY14. The company posted a 35% rise in net profit at Rs.94 crore on a 12% rise in net sales at Rs.805 crore.

In the Press Release issued by the company, it has stated that the company's effort to enhance the capacities of Two-wheeler battery in the existing plant has witnessed some delay and is likely to go on stream by end January 2014. The enhanced capacities will support the company to commence business with other major Two-wheeler OEMs and to grow the aftermarket business in a big manner, it said. The green field project for enhancement of Four-wheeler capacity is progressing as per schedule and is likely to commence production by Q2 of next financial year. The ongoing agitation for a united state of Andhra Pradesh in the Chittoor district has, so far, not had any major impact on the operations of the company, largely supported by the credibility enjoyed by the organization.