New Delhi: Shares of
Amara Raja Batteries tanked as much as 6 per cent on Tuesday after the car battery maker Clarios announced that it would offload 1.71 crore shares of the company via block deal.
The floor price for the deal was set at 746 a piece, 4.8 per cent discount to the Monday s close. The counter plunged 6 per cent to Rs 736.65 on Tuesday. However, it recovered to Rs 744.50 at 11.55 am.
As of March 31, 2021, Clarios ARBL Holding LP held a 40,995,000 shares or 24% stake in Amara Raja Batteries, the shareholding pattern data from BSE shows. It is selling 10% stake in the company via block deals.
In a detailed note, Motilal Oswal Securities said rising commodity prices would benefit 11 index companies, whose combined profit share in Nifty FY22 earnings would rise to approximately 36 per cent against 31 per cent in FY21.
Shares of Larsen & Toubro (L&T) were trading higher for the third straight day, up nearly 3 per cent at Rs 1,458 on the BSE in intra-day trade on Monday. The stock of the engineering and construction giant has gained 5 per cent in the past one week as compared to a 2 per cent gain in the S&P BSE Sensex. It was quoting at its highest level since March 18, 2021. From October 2020 to February 2021, the stock witnessed an impulsive upmove towards Rs 1,600. It had hit a 52-week high of Rs 1,593 on February 2, 2021. Since then, it has remained largely range-bound amid time and price-based correction. In the past three months, L&T has underperformed the market by falling 5 per cent, as compared to a marginal 0.18 per cent decline in the benchmark index.
Motilal Oswal Securities has neutral call on Amara Raja Batteries with a target price of Rs 870. The current market price of Amara Raja Batteries is Rs 783.75.
Motilal Oswal appoints Siddharth Bothra as fund manager for Flexicap Fund, Dynamic Fund ANI | Updated: May 24, 2021 14:36 IST
He takes over from Akash Singhania who has decided to move on from the company for personal reasons.
Bothra has an experience of more than 17 years in research and investments. The company said he has a stellar track record of managing Focused 25 Fund, a large-cap oriented focused fund, since November 2016.
Before that, Bothra was with Motilal Oswal Securities as a senior analyst in the institutional equities team covering various sectors.
Motilal Oswal AMC provides investment management and advisory services to investors having alternate investment funds portfolio, management services business, exchange traded funds and mutual funds. (ANI)