Amber Enterprises India hits record high on report of demerging business

Amber Enterprises India

24/12/2024 07:02

** Amber Enterprises India  AMBE.NS  jumps 7.7% to a record
high of 7,436.8 rupees; set for best day since June 2020 
    ** Consumer durables firm is looking to demerge its
electronics division, CNBC-TV18 reports, citing sources
    ** Bankers appointed to oversee division's demerger and
subsequent IPO launch, report says
    ** Division contributed 29% to co's total rev in September
quarter
    ** AMBE did not immediately respond to Reuters' request for
comment
    ** Stock eyes busiest session since Oct. 24, with traded
volumes at 6.6x the 30-day avg
    ** AMBE rated "buy" on avg; median PT is 6,675 rupees - LSEG
    ** Stock gains 137% YTD; set for biggest yearly gain since
listing in 2018

 (Reporting by Manvi Pant in Bengaluru)
 ((Manvi.Pant@thomsonreuters.com; +918447554364;))