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Shares of industrial and automotive battery manufacturer Amara Raja Batteries Ltd hit a fresh 52-week high after the company announced the proposal to establish a plant for the manufacture of tubular batteries.
The communication to the stock exchanges, while informing of the management’s decision, did not indicate the location of the tubular battery plant or the planned investment.
The company also came out with robust Q2 numbers with its income from operations jumping by about 30 per cent compared to the corresponding quarter in the previous fiscal, pushing the stock price to a new high.
It is said that the life expectancy of tubular batteries is more than normal flat plate batteries, water loss is less and the cyclic life of the battery is more. It is also suitable for high-end applications.
The company has also come out with a substantial growth in income in the second quarter of current fiscal compared to the corresponding quarter last year.
Net income rose to ₹1,060.23 crore in the quarter ended September this year against ₹804.72 crore in the same period last year. But the net profit edged up by about 5 per cent to ₹100.30 crore from ₹94.58 crore in the second quarter of last fiscal. The EPS (share face value ₹1) was marginally higher at ₹5.87 (₹5.54).
Shares of Amara Raja Batteries hit a new yearly high of ₹720 on the BSE today. But the stock shed some of its gains to trade at ₹710.50, up by ₹15.25.
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