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Amara Raja Batteries stock slips 6% after Clarios offloads stake

Share of Amara Raja Batteries opened with a loss of 3.66% at Rs 755.10 against previous close of Rs 783.75 on BSE

Amara Raja Batteries share is trading lower than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. Amara Raja Batteries share is trading lower than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

Amara Raja Batteries stock fell 6% today after car battery maker Clarios said it would sell 1.71 crore shares of the firm via a block deal.  Share of Amara Raja Batteries opened with a loss of 3.66% at Rs 755.10 against previous close of Rs 783.75 on BSE.

Total 46.81 lakh shares changed hands amounting to turnover of Rs 349.88 crore.

The midcap stock touched an intraday low of Rs 736.65, falling 6.01% on BSE.

Amara Raja Batteries share is trading lower than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

The mid cap share has gained 25.59% in one year but lost 20% since the beginning of this year.  Market cap of the firm fell to Rs 12,708 crore on BSE.

The stock hit 52-week high of Rs 1,025 on January 15, 2021  and 52 week low of Rs 595 on May 26, 2020.

The floor price for share sale has been fixed at Rs 746 per share. The stake sale is expected to fetch an aggregate of $174 million for Clarios.

As of March 31, 2021, Clarios ARBL Holding LP held a 41 million or 24 percent stake in Amara Raja Batteries, the shareholding pattern data shows. The firm will sell 10% stake in the firm via block deals.

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In Q4 of previous fiscal, consolidated net profit after tax of Amara Raja Batteries rose by 38 per cent to Rs 189 crore on the back of robust sales across business verticals.

The company had reported a net profit after tax of Rs 137 crore for the January-March quarter of 2019-20.

Net revenue from operations stood at Rs 2,103 crore as against Rs 1,581 crore in the fourth quarter of 2019-20, said Amara Raja Batteries.

For the entire 2020-21 fiscal, the company posted a net profit after tax of Rs 647 crore compared to Rs 661 crore in FY20. Net revenue from operations for the last fiscal rose to Rs 7,150 crore against Rs 6,839 crore in 2019-20.

"The last quarter of FY21 witnessed strong growth across all segments. Our employees and business partners have responded to the challenges with greater resilience and agility," Amara Raja Batteries Vice Chairman and Managing Director Jayadev Galla said.