Shares of Amber Enterprises saw a 2% increase in early trade on December 20 following a significant block deal worth Rs 210 crore. Around 3.45 lakh shares, equating to a 1% stake in the company, were exchanged at an average price of Rs 6,075 per share, aligning closely with the stock’s previous closing price. However, the identities of the buyers and sellers involved in the transaction remain undisclosed.
At 9:35 am, Amber Enterprises shares were trading at Rs 6,163.95 on the NSE. Over the past three months, the stock has been on an impressive upward trajectory, gaining nearly 42%. Year-to-date, the company has delivered nearly 100% returns, showcasing robust performance in the market.
Despite the stellar rise, brokerage firm Goldman Sachs recently downgraded Amber Enterprises from a ‘buy’ to a ‘neutral’ rating. Goldman Sachs, however raised the target price of the stock to Rs 6,300 from Rs 4,550, citing strong growth prospects for the company.
Amber Enterprise was long considered one of the significant players within the air conditioner and the wider electronic market in India. On every occasion, Goldman Sachs reflected that its diversification into non-seasonality was encouraged because the company expanded into electronics to offer new products.
In Q1 FY25, Amber Enterprises added to its portfolio with the introduction of tower ACs, tropical split ACs, and bare Printed Circuit Boards (PCBs) under its electronics division. The company has reported a consolidated net profit of Rs 19.2 crore for Q2 FY25, recovering strongly from a net loss of Rs 7 crore in the same period last year. Revenue jumped to Rs 1,684.7 crore from Rs 927 crore in the previous year.
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Source: Moneycontrol
News Desk
