Amara Raja Batt has potential to move up, says Bhavin Shah, Equirus Securities.
Shah told CNBC-TV18, "Amara Raja has actually had delivered much more stable results than it's larger competitor Exide . We have a price target of Rs 260, it continues to trade at a very attractive single digit kind of multiples."
He further added, "Ours is an industry where because of large volume growth especially in the 2-wheeler segment that has occurred in the past in the last couple of years, we are going to see lot of replacement in demand and with Johnson Controls being a strategic owner in the company there is also a lot of comfort with respect to some large multinational overseeing the corporate governance issues. So we continue to like Amara Raja, we see a big up move in the stock."
