Amber Enterprises Gains After Arm Incorporates Railway Components Manufacturing Subsidiary
The company's arm Sidwal Refrigeration Industries Pvt. incorporated AT Railway Sub Systems Pvt. to build railway components and sub system for the rolling stock industry in India and overseas.
Shares of Amber Enterprises India Ltd. rose 5% on Monday after it arm incorporated a wholly owned subsidiary to manufacture railway components.
Sidwal Refrigeration Industries Pvt., the wholly owned material subsidiary of Amber Enterprises has incorporated wholly owned subsidiary namely AT Railway Sub Systems Pvt. on March 15 to manufacture railway components and sub system for the rolling stock industry in India and overseas and to expand their business into global markets, according to an exchange filing.
Shares of Amber Enterprises rose as much as 5.02% to Rs 3,499.95 apiece, the highest level since March 15. It pared gains to trade 2.24% higher at Rs 3,407.25 apiece as of 09:52 a.m. This compares to a 0.24% decline in the NSE Nifty 50 Index.
The stock has risen 79.31% in past 12 months. Total traded volume so far in the day stood at 5.1 times its 30-day average. The relative strength index was at 34.69 indicating it may be oversold.
Out of 25 analysts tracking the company, 12 maintain a 'buy' rating, nine recommend a 'hold', and four suggest a 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 9.3%.
