Amber Enterprises extends gain on fund buying

The stock was up 4% to Rs 1,291, extending its previous day's over 40% rally on NSE.

Amber Enterprises India was up 4% to Rs 1,291 on the National Stock Exchange (NSE) , extending its previous day’s rally after Kotak Funds bought stake in the company through open market.

On Tuesday, January 30, 2018, Kotak Funds – India Midcap Fund had purchased 253,290 equity shares of Amber Enterprises India at price of Rs 1,149 on NSE, the bulk deal data shows. CLICK HERE FOR BULK DEALS DATA

The name of the sellers not ascertained immediately.

Amber Enterprises India made a strong debut by listing at Rs 1,175, a 37% premium over its issue price of Rs 859. The stock finally settled at Rs 1,245, up 45% against its issue price on NSE.

The company's initial public offer (IPO) of Rs 6,000 million had got a strong response from the all category of investors. The issue was subscribed 165 times with the offer receiving bids for 815 million shares as against 4.93 million offered by the company.

Amber Enterprises is the leading room air conditioner (RAC) original equipment manufacturer (OEM) and original design manufacturer (ODM) in India, with market share of 55.4% by volumes in the fiscal year ended March 2017 (FY 2017).

Nine of the top 10 RAC brands including Daikin, Hitachi, LG, Panasonic, Voltas and Whirlpool are customers. They commanded nearly three-fourth share of the Indian RAC market in FY 2017.

At 10:32 AM; the stock was trading 3% higher at Rs 1,283 on NSE against 0.07% decline in the Nifty 50 index. A combined 1.46 million shares changed hands on the counter on NSE and BSE so far.