Amara Raja stock price up by 9.75% today

7 Jun 2024 , 02:21 PM

Amara Raja Energy and Mobility shares surged by around 10% on 7th June. The stock hit a record high of ₹ 1,333. At the time of writing, the shares were trading at ₹ 1414 which is a 10.68% gain over the previous closing price. The stock has gained a total of 126% in the last one year, and 69.93% year-till-date in 2024.

Amara Raja Energy and Mobility’s investor optimism follows the Telugu Desam Party’s significant victory in local assembly elections, positioning it as a key player in national politics.

Amara Raja’s Managing Director, Jay Dev Galla, a former MP from the party, opted out of contesting Lok Sabha elections this year to focus on entrepreneurship.

Fiscal fourth-quarter results showed a substantial 61.4% YoY increase in net profit, reaching ₹ 230 Crore, with revenue climbing by 19.5% to ₹ 2,908 Crore.

Increased demand for batteries in the automotive industry, driven by a more than 21% YoY rise in vehicle production, contributed to growth. Amara Raja counts major automakers like Maruti Suzuki, Tata Motors, and Hero MotoCorp among its clients.

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