Shares of Amber Enterprises India Ltd hit their record high today after the firm said amid a report that said the company was looking to demerge its electronics division. Amber Enterprises shares climbed 8.81% to a fresh high of Rs 7498.95 against the previous close of Rs 6891.10 on BSE. Amber Enterprises stock opened lower at Rs 6860 today. Market cap of the firm stood at Rs 25,187 crore. Total 1.19 lakh shares changed hands amounting to a turnover of Rs 85.52 crore on BSE. Amber Enterprises stock has gained 143.73% in a year and risen 137 per cent in 2024. Amber Enterprises is likely to bring an IPO of the electronics division after the demerger is completed, a CNBC-TV18 report said. Bankers for the demerger and IPO of the electronics division have been appointed.
In terms of technicals, the relative strength index (RSI) of Amber Enterprises stood at 74.4, signaling it's trading neither in overbought nor in the oversold zone. Amber Enterprises stock has a one-year beta of 0.8, indicating average volatility during the period. Amber Enterprises shares are trading higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
On December 20, Goldman Sachs, Citigroup Global Markets, and four others purchased shares of Amber Enterprises for Rs 210 crore through an open market transaction. Axis Mutual Fund (MF), Mahindra Manulife MF, Tata AIA Life Insurance and ICICI Prudential Life Insurance were the other entities, who bought stakes in the Gurugram-based firm through separate block deals on NSE.
As per the data, Goldman Sachs, Citigroup Global Markets, Axis MF, Mahindra Manulife MF, Tata AIA Life Insurance and ICICI Prudential Life Insurance Company collectively purchased 3.45 lakh shares or 1.02 per cent stake in Amber Enterprises.
The block deals were carried out at an average price of Rs 6,075 per share, taking the aggregate deal value to Rs 209.86 crore.
Amber Enterprises manufactures heating and ventilation equipment. The company offers refrigerators, heat exchangers, air conditioners, home appliances, vacuum forming, and lighting products. Amber Enterprises also produces auto parts, injection molding, and sheet metal components.