The shares of two EV companies were beaten down to reach their respective 52-week lows. Amara Raja Batteries Limited slipped 2.58% to ₹449.50 apiece, its new 52-week low. Meanwhile, Graphite India Limited’s shares tanked 4.91% to reach their 52-week low of ₹ 360.30 apiece.
Amara Raja Batteries Limited’s share price has been declining since the company announced its Q4 results. In the past month, its shares have tumbled 12.41% to ₹450.05 levels. Similarly, its share price fell 7.80% in the past week to trade at current levels.
The energy and mobility enterprise reported a 47.80% decline in its consolidated net profit at ₹ 98.85 crores as compared to ₹189.38 crores during the corresponding quarter last year. However, its revenue from the operations was up 3.72% at ₹2180.96 crores as compared to ₹ 2,102.61 crores in the year-ago period.
Emkay Global had given a hold call on the shares of the company with a target price of ₹ 610. The time period given by the analyst is one year. This translates to an upside of 35.54% as compared to its current share price.
Graphite India Limited’s shares declined 23.14% in the past month, though its consolidated net profit rose 48.44% to ₹95.00 crores in the March quarter. The company’s sales rose 49.38% to ₹ 844.00 crores during the same period. Its shares plummeted 13.59% in the past week and 4.43% on Monday. They are currently trading at ₹362.35 levels.
A few factors that are weighing down on the markets have dragged these stocks lower. They include the fear of a looming recession, FII outflow and concerns about rising inflation.
Written By – Simran Bafna
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