Amara Raja Energy share price rallies over 12% to a fresh 52-week high; stock up 48% in one month

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₹1,167.55 apiece on the BSE, extending rally for the fifth consecutive session. Amara Raja Energy shares have seen a sharp uptrend recently as the stock has jumped 48% in one month and more than 93% in the past one year. On Tuesday, Amara Raja Energy & Mobility share price opened higher at ₹1,045.25 apiece as against previous close of ₹1,041.70 on BSE, and witnessed continued upward momentum.

Technical charts show Amara Raja Energy shares are heading to a new high of ₹1,300 level with a strong support at ₹1,000. Also Read: Vodafone Idea share price jumps 10% as focus shifts on FPO allotment, listing date “Shares of Amara Raja Energy & Mobility clinched a new historic peak, triggering fresh upside in the coming sessions. The overall bias is headed in the direction of ₹1,250 - 1,300 levels.

As long as the support of ₹1,000 mark is protected, the trend will witness an upward bias," said Avdhut Bagkar, Derivatives & Technical Analyst at StoxBox. According to Bagkar, medium-term support for Amara Raja Energy stays at ₹850 levels. Meanwhile, Amara Raja Energy is expected to report strong earnings for the fourth quarter of FY24.

Amara Raja Energy Q4 results will be announced on May 28. Amara Raja Energy is likely to post revenue growth of 15% year-on-year (YoY) at ₹2,799.7 crore in Q4FY24 driven by OEM demand in the two-wheelers and four-wheelers, aftermarket division and trading. Its net profit is expected to rise over 35% to ₹234.1 crore from ₹172.9 crore, YoY, as per Motilal Oswal estimates.