Amarjeet Maurya, AVP - Mid Caps, Angel Broking Ltd
Amber Enterprises (AEL) has acquired 20% of the Equity Share Capital (9,000 equity share of face value of Rs.1000 each) of Sidwal and now AEL owned 100% stake in the company. Sidwal has become a Wholly Owned subsidiary of AEL with effect from 18 September 2020. Sidwal acquisition will further allow AEL to explore a spectrum of opportunities across sectors like railways, metros, defence and telecom, among others. In our view, this is a positive development of the company. However, recent up move in stock provides limited upside.
Shares of Amber Enterprises India Ltd was last trading in BSE at Rs.1980 as compared to the previous close of Rs. 2044.2. The total number of shares traded during the day was 22322 in over 3870 trades.
The stock hit an intraday high of Rs. 2084.5 and intraday low of 1960.05. The net turnover during the day was Rs. 45400801.