Stocks of Amara Raja Batteries have retraced its journey to record highs

Amara Raja Batteries retraced its journey to record highs after the battery maker reported a modest rise in quarterly earnings.

Amara Raja said its first quarter net profit rose 15.2 percent to 122.1 crore rupees compared with 106 crore rupees in the year ago period. Sales during April-June were up 11.2 percent to 1,144 crore rupees versus 1,029 crore rupees.

Amara Raja rose 19.50 rupees, or 2.1 percent, to 957 rupees on the National Stock Exchange where 7.9 lakh shares were traded compared with a 5-day average of 2.02 lakh shares.

Amara Raja's market capitalisation has surged 78 percent to 15,970 crore rupees in the past one year as investors bought into ancillary stocks in the middle of an auto boom. The stock trades at 9.4 times its book value of 99.50 rupees.

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