Buy Amara Raja Batteries, target price Rs 760: Yes Securities

Yes Securities has buy call on Amara Raja Batteries with a target price of Rs 760. The current market price of Amara Raja Batteries is Rs 721.1. Time period given by analyst is Intra Day when Amara Raja Batteries price can reach defined target.

Amara Raja Batteries Ltd., incorporated in the year 1985, is a Mid Cap company (having a market cap of Rs 12318.14 Crore) operating in Auto Ancillaries sector.

Financials
For the quarter ended 31-03-2021, the company reported a Consolidated Total Income of Rs 2134.70 Crore, up 6.97 % from last quarter Total Income of Rs 1995.63 Crore and up 33.80 % from last year same quarter Total Income of Rs 1595.50 Crore. Company reported net profit after tax of Rs 189.38 Crore in latest quarter.


Investment Rationale
The stock turned upwards after taking support at the previous cluster of lows. Further, it has also broken out from a narrow consolidation phase, suggesting bullishness.

Promoter/FII Holdings
Promoters held 28.1 per cent stake in the company as of March 31, 2021, while FIIs held 21.3 per cent, DIIs 12.6 per cent and public and others 38 per cent.