Why This Mid Cap Auto Ancillaries Stock Soared 10% Intraday? Stock Trading 20% Down From 52-Week High

Amara Raja Batteries Limited (ARBL) is the flagship company of the Amara Raja Group. It has emerged as the technology leader and is one of the largest manufacturers of lead-acid batteries for both industrial and automotive applications in the Indian storage battery industry. Shares of Amara Raja Batteries jumped 9.54% intraday today. The company declared a surge of 39% in Q2 profit after tax to Rs 201 crore.

The shares of Amara Raja are trading at 20% discount from 52-week high level.

The company also declared 290% dividend On November 3, 2022. Check key takeaways below:

1. Amara Raja Q2 Result

Amara Raja Batteries Ltd declared a 39.42% rise in consolidated profit after tax to Rs 201.22 crore in the second quarter ended September 30, pushed by stronger sales. The company had posted a consolidated profit after tax of Rs 144.32 crore in the same period last fiscal, Amara Raja Batteries said in a regulatory filing. Amara's total expenses remained higher at Rs 2,449.11 crore compared to Rs 2,097.17 crore a year ago, according to the filing. Meanwhile, consolidated revenue from operations registered at Rs 2,700.47 crore against Rs 2,264.15 crore in the year-ago period.

2. Amara Raja Batteries Limited Declares Interim Dividend

The board of directors of Amara Raja stated in their regulatory filing, "Pursuant to Regulation 30, 42 and 43 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board of Directors had declared an interim dividend of Rs. 2.90/- per equity share (representing 290%) of Rs.1/- each fully paid up for the financial year 2022-23 and the said interim dividend will be paid on or before December 2, 2022."

The Board of Directors had fixed Wednesday, November 16, 2022 as the "Record Date" for the purpose of payment of Interim Dividend for the Financial Year 2022-23.

3. Amara Raja Batteries Limited Stock Performance

The last trading price of Amara Raja Batteries is Rs 569 apiece. The 52-week high of the stock is quoted at Rs 713 apiece and 52-week low is quoted at Rs 438 apiece, respectively.

4. Amara Raja Return

The stock has declined 18% in last 5-years and 14% in last 3-years. The stock has given a return of 15% in 1 month, 13% in 1 week, and 9% intraday.