Shares of Amara Raja Energy & Mobility Ltd. rose to a three-week high on Friday after it increased its stake in Norwegian battery technology company, InoBat AS.
India's leading battery manufacturer has invested €20 million to acquire an additional 4.5% stake in InoBat AS, taking its total holding in the Norwegian firm to 9.32% including its earlier investment of €10 million, according to an exchange filing.
InoBat AS specializes in research and development and produces batteries for electric-vehicle custom designs, which cater to the specific needs of global original equipment makers in vehicles, motorcyles, and aerospace, the filing said.
Shares of the company rose as much as 4.60% to Rs 1,465.50 apiece, the highest level since May 31. It pared gains to trade 1.28% higher at Rs 1,419.00 apiece as of 10:30 a.m. This compares to a 0.18% advance in the NSE Nifty 50.
The stock has risen 122.14% in 12 months and 74.69% on year to date basis. Total traded volume so far in the day stood at 1.8 times its 30-day average. The relative strength index was at 69.67.
Out of 17 analysts tracking the company, eight maintain a 'buy' rating, four recommend a 'hold,' and five suggest a 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 19.2%.
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