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Business News/ Markets / Stock Markets/  Amara Raja Energy amongst Vaishali Parekh's stock picks can see more than 5% upside
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Amara Raja Energy amongst Vaishali Parekh's stock picks can see more than 5% upside

Stock Market Today- As per Vaishali Parekh Vice President - Technical Research, Prabhudas Lilladher,, the Amara Raja Energy had bottomed out near 600 zone and has picked up well recently to move past the 200 period MA. It has strengthened the trend anticipating for further rise till 730-740 zone.

Amara Raja amongst stock picks of Vaishali Parekh Premium
Amara Raja amongst stock picks of Vaishali Parekh

Analysts maintain bullish view on Amara Raja Energy and Mobility Ltd, that saw its share price gain more than 3% during intraday trades on Tuesday.

Amara Raja Energy with current market price of Close to 700 remains amongst stock picks of Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher Pvt Ltd.

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As per Parekh, the stock has bottomed out near 600 zone and has picked up well recently to move past the 200 period moving average at 616 zone and thereafter, with further move above the 50 EMA (exponential moving average) and 100 period MA (moving average) at 640 zone has improved the bias and also with the indication of a decisive breach above the triangular pattern above 640 zone, it has strengthened the trend anticipating for further rise till 730-740 zone. With the previous peak positioned at around zone 709, Parekh says that one can anticipate some consolidation or a slight profit booking and thereafter, carry on the momentum for the second round of upward move. 

The RSI (relative strength Index), which is on the rise, as per Parekh is well placed indicating strength and has immense upside potential to carry on the momentum further ahead. With the chart looking attractive, Paresk suggest to buy and accumulate the stock for an upside target of 750-770 levels keeping the stop loss of 660.

Amara Raja Energy & Mobility Limited formerly known as Amara Raja Batteries Limited, a comprehensive solutions provider in the Energy & Mobility space, during the quarter ending September’2023 had reported profit before tax of Rs. 293.46 crores for Q2 of FY’24 registering a growth rate of 6% over Q2 of FY’2023. The The revenue growth of more than 4% year-on-year was aided by volume growth registered in the automotive after-market as well as from the telecom and UPS segments. The new energy business also witnessed good growth, said the company.

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The company had declared an interim dividend of 4.8 for FY24. The board further approved an investment of 500 Crore in the wholly owned subsidiary, Amara Raja Advanced Cell Technologies, for Li-ion battery manufacturing.

Analysts at Motilal Oswal Financial Services had revise their FY24 estimates by 4% to factor in for lower other expenses in the coming quarters,

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Published: 28 Nov 2023, 03:49 PM IST
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