Amber Enterprises Surges 3% Following Acquisition of 1.1 Million Shares by Singapore

Amber Enterprises Surges 3% Following Acquisition of 1.1 Million Shares by Singapore

28 Aug, 2023

 

Amber Enterprises Surges 3% Following Acquisition of 1.1 Million Shares by Singapore

 

Amber Enterprises India Limited's shares saw a 3 percent uptick, reaching Rs 2,870 on the morning of August 28. This surge followed the Singaporean government's acquisition of over 1.1 million shares of the company. These shares were procured at an average price of Rs 2,800 each on Friday, resulting in a total transaction value of Rs 316 crore.

Simultaneously, Ascent Investment Holdings Pte Limited divested 1.26 million shares, equivalent to a 3.7 percent stake in Amber, at the same price, totaling Rs 353 crore, according to block deal data.

Amber Enterprises specializes in the manufacture of heating and ventilation equipment. Its product portfolio spans refrigerators, air-conditioners, heat exchangers, home appliances, lighting products, vacuum forming, and automotive components such as injection molding and sheet metal components.

In the first quarter, the company reported a 7 percent decline in revenue from operations, which stood at Rs 1,702 crore. However, its net profit for the quarter witnessed a 9 percent rise, reaching Rs 47 crore. Notably, the operating earnings before interest, taxes, depreciation, and amortization (EBITDA) for June 2023 amounted to Rs 138 crore, signifying a 6 percent increase from the Rs 131 crore recorded the previous year.

Amidst unseasonal weather patterns, the company's Refrigeration and Air Conditioning (RAC) and Components division experienced some margin improvement during the quarter.

 

 


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