India's Amber Enterprises among Jefferies' top picks; stock up

Amber Enterprises India

18/03/2024 09:46

** Shares of consumer durables maker Amber Enterprises India
 AMBE.NS  up 1.5% at 3,383.15 rupees
    ** Stock rose as much as 5% earlier in the session  
    ** Brokerage Jefferies calls AMBE among its top picks for
next 5 yrs
    ** Maintains "buy" rating, sets 5-year TP at 9,740 rupees,
upside of 192.3% from last close
    ** Brokerage stays bullish on AMBE's diversification into
components, and estimates FY24-30 sales/PAT CAGR at +15%/+36%,
led by diversification in components, new capex commissioning,
client adds, PLI upside 
    ** AMBE on Friday incorporated unit for railway components
and sub-systems business for rolling stock industry in India and
overseas 
    ** Trading vol 1.9x 30-day daily avg    
    ** Avg rating of 18 analysts equivalent of "hold", median PT
is 3,430 rupees - LSEG data



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