Amber Enterprises India up on joint venture deal

Amber Enterprises India

05/04/2024 10:01

** Shares of Amber Enterprises India  AMBE.NS  rise ~1%,
trimming some gains after having risen as much as 2.9% earlier
in the day 
** The consumer durables maker said one of its units signed a
deal for a joint venture with  South Korea-based Yujin
Machinery, Singapore-based Sinkodia and Hong Kong-based Dujin
International
    ** JV to make transport components for rolling stocks, with
initial investment of 50 mln rupees ($600,312) from all parties'
each
    ** Trading volumes over 1.4 times the 30-day avg 
    ** Analysts' avg rating on stock is "Hold", median PT is
3,430 rupees - a ~9% discount on last close - LSEG data
    ** Including session's gains, shares up ~21% YTD
     
    ($1 = 83.2900 Indian rupees)

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