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March 21, 2001
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Money > Business Headlines > Report March 21, 2001 |
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Stock swing not connected to operations: Amara RajaBS Bureau Amara Raja Batteries on Monday said the recent volatility in the prices of its shares has no relation to the company's operations. In a press note issued Tuesday, the company management said it has been concerned to note the recent reports on the rigging of the company's shares and the consequent drop in the price. The company has clarified that neither the promoters nor any of the senior management has participated, either directly or indirectly, in these transactions. It also said that the priniciple shareholders of the company do not have any association with the activities of the brokers alleged to be involved in the recent transactions. On the performance front, the company revealed that the results for the current year are expected to be in line with the business plan and operations are continuing in a normal fashion. The fourth quarter will be in line with the improvement registered in the previous quarters, the company said and assured the investors that the out look for the company's business in the next years is positive. It may be recalled that the company has reported a net profit of Rs 141.9 million on a turnover of Rs 1.03 billion for the nine month period ended December 2000, compared to a net profit of Rs 195.3 million on a turnover of Rs 1.32 billion during the last financial year. "The company continues to maintain its leadership position in the industrial VRLA (Valve Regulated Lead Acid) market and the company continues to forge ahead in its new initiative in the automotive business. The company also has plans for introducing other new products in both the industrial and automotive segments," the press note said. The Securities and Exchange Board of India (Sebi) had earlier has launched a probe into suspected price manipulation in Amara Raja Batteries. The Sebi has asked the BSE and NSE to furnish the trading data of some of the brokers suspected to be involved in the scrip.
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