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

Shares of Amber Enterprises India Limited rose 3% to Rs 2,870 on the morning of August 28 after the Singapore government revoked more than 110,000 shares of the company. These shares were purchased on Friday at an average price of Rs 2,800 per share, bringing the total transaction value to Rs 316 crore.
According to data from the block agreement, Ascent Investment Holdings Pte Limited divested 12.6 lakh shares or 3.7% shares of Amber at the same price at Rs 353 crore. Amber Enterprises manufactures heating and ventilation equipment. It offers refrigerators, heat exchangers, air conditioners, home appliances, vacuum cleaners and lighting products. It also manufactures auto parts, injection molds and sheet metal components.
In the first quarter, the company reported a 7% drop in operating revenue to Rs 1,702 billion, although its quarterly net profit increased 9% to Rs 47 billion. The company’s operating profit before interest, taxes, depreciation and amortization (EBITDA) reached Rs 138 crore in June 2023, up 6% from Rs 131 crore last year. The company’s RAC division, also known as the refrigeration and air conditioning division, and the Components division saw profit margins improve for the quarter, despite unusual weather conditions.