Shares of this small-cap stock associated with Household Appliances gained around 6 percent after a well-known Mutual Fund bought a fresh stake in the company via a Bulk Deal. In the last six months, the company’s stock soared more than 60 percent.
With a market capitalization of Rs 9,960.04 crores, the stocks of Amber Enterprises India Limited opened their trading hour on Wednesday at Rs 2,901.90 and currently trade at Rs 2,956.05, gaining approximately 6 percent as compared to the previous close of Rs 2,785.75 apiece.
Such bullish sentiments around the company’s stock prices were observed after Franklin Templeton Mutual Fund bought a fresh stake in the company.
According to the Bulk Deal data available with the National Stock Exchange (NSE), Franklin Templeton Mutual Fund, on October 23rd, bought a fresh stake in the company by subscribing to 2 lakh equity shares at an average price of Rs 2,820 per share.
During the recent financial quarters, the company has underperformed as far as the operating revenues and net profit numbers are concerned.
The operating revenues registered a dip from Rs 1,701 crores during Q1FY23-24 to Rs 927 crores during Q2FY23-24, and, the net profits, during the same period, took a downshift and reported a loss of Rs 5 crores during the latest quarter as compared to profits of Rs 46 crores in the previous one.
As per the shareholding data available for the quarter ended September 2023, the company’s Promoters hold a 40.31 percent stake, and the Foreign Institutional Investors (FIIs) have a considerable stake of 29.69 percent in the company.
Amber Enterprises India Limited is engaged in the business of manufacturing consumer durable products and components associated with the same.
The product portfolio of the company comprises microwave ovens, air conditioners, refrigerators, heat exchangers, etc. Geographically, the company derives a majority of its revenue from domestic operations within India.
Written by Amit Madnani
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