Buzzing stock: Amara Raja Batteries share price was down over 4 percent after car battery maker Clarios said it will sell 1.71 crore shares of the company. According to a CNBC-TV18 report, Clarios was to sell 17.1 million shares for an aggregate of $174 million today. The floor price for the same had been fixed at Rs 746 per share.
According to Motilal Oswal, the stock trades at a valuation of 19.2x/16.4x FY22E/FY23E EPS. It has a neutral rating on the stock with a target price of Rs 870 per share (18x Mar’23E EPS, in line with its 10-year LPA) as expectations of good earnings growth balances out the increasing threat posed by lithium technology to its auto and industrial business.
News Source:- Moneycontrol