Amber Enterprises India rises after acquiring 50% stake in Resojet

Amber Enterprises India

21/03/2024 09:07

** Shares of Amber Enterprises India  AMBE.NS  up 4.7% at
3374 rupees
    ** The consumer durables maker executes agreement to acquire
a 50% stake in joint venture co Resojet via investment of 350
million rupees ($4 million)
    ** AMBE stock on track for a second straight session of
gains, if trend holds 
    ** Stock lost 17% in Feb to snap a three-month winning
streak
    ** More than 291,000 shares change hands, over the 30-day
avg of 209,000 shares
    ** Eighteen analysts covering the stock on average have a
"hold" rating; median PT is 3430 rupees - LSEG data
    ** Stock up 7.6% so far this year 
    ** Stock gained ~66% in 2023, and marked best yearly gain
since 2020

   ($1 = 83.1120 Indian rupees)

 (Reporting by Dimpal Gulwani in Bengaluru)
 ((dimpal.gulwani@thomsonreuters.com))