Shares of Amber Enterprises rose 2 percent in early trade on December 20 after a block deal worth Rs 210 crore took place on the exchanges. As much as 3.45 lakh shares of the company, making up a one percent stake changed hands in the block deal window. Shares changed hands at an average price of Rs 6,075, largely at par with Thursday's closing price.
Moneycontrol could not immediately identify the buyers and sellers involved in the transaction.
At 09.35 am, shares of Amber Enterprises were trading at Rs 6,163.95 on the NSE. The stock has been on a bull run in the past three months, surging close to 42 percent. For the year-to-date period, shares of Amber Enterprises have delivered nearly 100 percent returns.
The steep surge in the stock price in the recent months had also prompted brokerage firm Goldman Sachs to downgrade it to a 'neutral' from the previous 'buy' call. Despite the downgrade, Goldman Sachs raised its target price on Amber to Rs 6,300 from Rs 4,550.
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Aside from that, the growth prospects for Amber remains strong. Goldman Sachs named Amber Enterprises as a key beneficiary in India’s air conditioner and electronics sector, stating that with new growth drivers emerging, the company's stock is becoming less dependent on seasonality.
The market has already lauded Amber Enterprises for its expansion into electronics and its strong position in the AC segment, with its stellar yearly returns.
In the first quarter of FY25, Amber Enterprises diversified its product range by introducing tower ACs, window top throw inverter series, and high-efficiency tropical split ACs, along with other innovations. Additionally, the company launched bare Printed Circuit Boards (PCBs) within its electronics division.
For Q2, the company reported a consolidated net profit of Rs 19.2 crore, marking a sharp turnaround from a net loss of Rs 7 crore in the same quarter last year. Revenue from operations rose to Rs 1,684.7 crore, up from Rs 927 crore in the year-ago period.
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