Amara Raja Energy Shares Surge 12% to Reach New High

Amara Raja Energy Shares Surge 12% to Reach New High (Image: Pixabay)

VoM News Desk | April 23, 2024 | 03:15 PM IST | Breaking News | Follow on Google News

Amara Raja Energy Shares Surge 12% to Reach New High

Amara Raja Energy Shares Surge 12% to Reach New High

Amara Raja Energy shares soared over 12% to hit a fresh 52-week high of ₹1,167.55 on the BSE, marking the fifth consecutive session of gains. The stock has witnessed a robust uptrend, surging 48% in one month and over 93% in the past year.

Technical analysis suggests a further upward movement for Amara Raja Energy shares, potentially reaching ₹1,300 with strong support at ₹1,000. Analysts anticipate continued momentum, projecting levels between ₹1,250 to ₹1,300 as long as the support at ₹1,000 holds.

Medium-term support for Amara Raja Energy is seen at ₹850, while expectations are high for strong earnings in the fourth quarter of FY24, with revenue growth estimated at 15% YoY and net profit expected to rise over 35% YoY. At 2:10 pm, shares were trading 11.26% higher at ₹1,159.00 on the BSE.

VoM News Desk

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