Indian Stock Market Performance and Key Highlights on Amber Enterprises
Amber enterprises share: On a Friday morning, the Indian stock market initiated with a downward trend. Both the benchmark indices, Sensex and Nifty, noted a decline of 0.33% and 0.38% respectively. Contrary to the general market mood, a slight rise of 0.64% was observed in India VIX, which indicates market volatility.
Amber Enterprises share Outperforms the Market
Defying market expectations, shares of Amber Enterprises India Limited share surged by 4.28%. Alongside the hike in its price, the trading volume for these shares also increased, seeing a jump of over 1.16 times. Such a spike indicates heavy purchasing activity among investors. After a prolonged period of lethargy, the stock has recently showcased a significant chart breakout. The present market capitalization of the company stands at ₹10,281.98 crores.
From a technical perspective, as of October 20, 2023, the 200-day moving average (DMA) for the stock was ₹2,454.65, while the 50-day moving average stood at ₹2,831.81. The current price on the BSE is ₹3,073. A notable event in the stock’s recent history is the 50-DMA crossing above the 200-DMA, suggesting a bullish trend in the long term.
About Amber Enterprises India Limited share
Established in 1956, Amber Enterprises India Limited holds a significant stake of 23.6% in the air conditioner market. It has positioned itself as a leading solution provider for the air conditioner OEM/ODM industry in India. Analyzing the company’s shareholding pattern, as of the third quarter of 2023, promoters reduced their stake slightly from 40.32% to 40.31%. Contrarily, Foreign Institutional Investors (FIIs) increased their share from 24.20% to 29.69%. Such shifts in ownership and market share depict the dynamic nature of the financial landscape.
In terms of product breakdown, air conditioners contribute the most to the company’s value, accounting for 48%. Following that, components and mobile application businesses collectively contribute 31%. This diversified product portfolio reflects the company’s multifaceted capabilities and range of offerings. The distribution based on location indicates that 99.64% of its business originates from India, while the rest of the world contributes a meager 0.36%. The stock has witnessed significant buying activity, delivering a return of over 62% this year.
While the broader market has shown signs of a downturn, Amber Enterprises share stands out with its robust performance and promising prospects.
