Amara Raja share price drop over 6% on block deal buzz
₹643.20 apiece on the BSE. According to reports, 2.72 crore equity shares, representing 15.9% stake in Amara Raja Batteries, changed hands in the block deal. The shares were sold at an average of ₹654 apiece, taking the total deal value to ₹1,788.3 crore, reports said.
As per CNBC-TV18, Clarios ARBL Holding LP is likely the seller of Amara Raja Batteries shares. Clarios ARBL Holding LP was likely to sell its entire 14% stake in the automotive battery maker through the block deal, reports added. Amara Raja Batteries is the country’s second-largest automotive battery manufacturer.
The company had reported consolidated net profit of ₹139.4 crore in Q4FY23, registering a growth of 41% year-on-year. Also Read: Sheela Foam shares jump after Kurl-on acquisition. Stock rises 22% in two days The company's revenue from operations increased by 11.4% to ₹2,429.4 crore as compared to ₹2,180.9 crore in the same quarter of the previous fiscal year.
For the full financial year ending in March 2023, the company's consolidated net profit increased by 35.5% to ₹694.5 crore from ₹512.6 crore in FY2022. The consolidated revenue grew by 19.4% to ₹10,388.2 crore. The shares of Amara Raja Batteries have risen 35% in the last one year.
The stock is up 13% YTD. At 9:45 am, Amara Raja Batteries share price was trading 5.83% lower at ₹644.90 apiece on the BSE. Catch Live Market Updates hereGet the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!
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