Amber Enterprises India jumps after Jefferies retains 'buy' rating

Amber Enterprises India

27/06/2023 10:57

** Shares of Amber Enterprises India  AMBE.NS  rise as much
as 7.03% to 2,384.95 rupees
    ** AMBE has incrementally de-risked its business from room
air conditioners (RAC) over past few years; RAC share in sales
mix declined from 71% in FY18 to 43% in FY23 - Jefferies
    ** This comes when AC industry's volume growth could
decelerate in FY24, dragged by weaker summer demand in Q1FY24 -
Jefferies
    ** Expects co's return on capital employed to rise from 10%
in FY23 to 13% in FY24 and to 19% by FY26; retains "buy" rating,
reduces TP to 3,070 rupees from 3,120 rupees
    ** Share price above 50-day, 100-day and 200-day simple
moving averages, suggesting bullish trend
    ** More than 1 mln shares change hands by 2:52 p.m. IST,
2.8x 30-day avg
    ** Avg rating of 20 analysts close to equivalent of "buy",
median PT is 2,435 rupees - Refinitiv data


 (Reporting by Ashish Chandra in Bengaluru)
 ((ashish.chandra@thomsonreuters.com (+91 7982114624))