Amber Enterprises jumps 3% after Singapore picks up 11 lakh shares

Amber Enterprises India Limited shares traded up 3 percent to Rs 2,870 on August 28 morning after the Singapore government picked up over 11 lakh shares of the company. The shares were purchased on Friday at an average price of Rs 2,800 each, taking the entire deal value to Rs 316 crore.

Ascent Investment Holdings Pte Limited offloaded 12.6 lakh shares or 3.7 percent stake in Amber at the same price, amounting to Rs 353 crore, block deal data showed.

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Amber Enterprises manufactures heating and ventilation equipment. It offers refrigerators, heat exchangers, air-conditioners, home appliances, vacuum forming, and lighting products. It also produces auto parts, injection moulding, and sheet metal components.

During the first quarter, the company reported a 7 percent decline in revenue from operations at Rs 1,702 crore, though its quarterly net profit increased 9 percent to Rs 47 crore. Its operating earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at Rs 138 crore in June 2023, up 6 percent from Rs 131 crore last year.

The company’s RAC, also known as refrigeration and air conditioning, and Components division saw some improvement in margins during the quarter, despite unseasonal weather patterns.

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