Hot Stock: This consumer durables company enters into a joint venture partnership with Noise; FIIs increased stake!
The stock has delivered strong returns over the past 5 years, with a multibagger return of over 220 per cent.
Amber Enterprises India Limited informed that a joint venture agreement entered amongst, ILJIN Electronics (India) Private Limited (ILJIN), the material subsidiary of the company i.e., Amber Enterprises India Limited and Nexxbase Marketing Private Limited – Noise Brand (Nexxbase or Joint Venture Partner), which is a Gurgaon based company engaged in the business of selling, distributing, marketing and advertising electronic products including smart watches, earphones, earbuds, headphones etc. under the leading brand i.e., NOISE through offline and online modes, to form a Joint Venture Company (JVC), to carry on the business of manufacturing, assembling and designing of wearables and other smart electronics products.
In the said Joint Venture Agreement, the proposed JV company will be 50 per cent owned by ILJIN and 50 per cent owned by NEXXBASE. The JVC shall have 2 Directors, of which 1 shall be appointed by the ILJIN and 1 shall be appointed by the Nexxbase.
Earlier, Foreign Institutional Investors (FIIs) bought a total of 19,85,781 shares of a household appliances company at Rs 2,800 per share in a bulk deal, amounting to Rs 5,56,01,86,800 or approximately Rs 556 crore.
Amber Enterprises India Limited manufactures heating and ventilation equipment. The company offers refrigerators, heat exchangers, air conditioners, home appliances, vacuum forming, and lighting products. Amber Enterprises also produces auto parts, injection moulding, and sheet metal components. Amber Enterprises serves clients in India.
The company has a market cap of over Rs 10,000 crore. According to the Quarterly Results, the net sales decreased by 6.79 per cent to Rs 1,702 crore, operating profit increased by 33.33 per cent to Rs 132 crore and net profit increased by 9.30 per cent to Rs 47 crore in Q1FY24 compared to Q1FY23. In FY23, the net sales increased by 64.69 per cent to Rs 6,927 crore and net profit increased by 47.74 per cent to Rs 164 crore compared to FY22.
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Today, shares of the company surged 0.28 per cent to Rs 2,975.9 per share from its previous closing of Rs 2,967.45. The stock has delivered strong returns over the past 5 years, with a multibagger return of over 220 per cent. In the past 6 months, the stock has gained 59 per cent, and in the past year, it has gained 34 per cent. Investors should keep an eye on this Mid-Cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.