Subros, Amber Enterprises shares surged up to 20% today; here’s why
Shares of Amber Enterprises, which manufactures air conditioners for buses, metros, and railways, too surged 13.2% in early trade after the minister’s announcement.
- Jun 20, 2023,
- Updated Jun 21, 2023 4:00 PM IST
Shares of Subros Ltd, engaged in the manufacturing of auto air conditioning systems, were locked in the upper circuit of 20% today after Union Road Transport Minister Nitin Gadkari said all trucks will now need to have air-conditioned driver compartments starting 2025. Shares of Amber Enterprises, which manufactures air conditioners for buses, metros, and railways, too surged 13.2% in early trade after the minister’s announcement.
Subros stock hit a fresh 52 week high of Rs 435.5 after the scrip rose 20% intraday against the previous close of Rs 362.10 on BSE. The stock opened 5.32% higher at Rs 434.50 today. The auto component stock has gained 51.58% in a year and risen 45,32 per cent in 2023. Shares of Subros have delivered 35.72% returns in a month.
Total 0.71 lakh shares of the firm changed hands amounting to a turnover of Rs 3.07 crore on BSE today. The market cap of the firm rose to Rs 2834 crore on BSE.
The stock hit a 52-week low of Rs 272 on February 27, 2023.
Gaurav Bissa, VP, InCred Equities said, "Subros had been trading in a narrow range for the last two years. The stock has recently given a breakout from the range on the daily charts with strong volumes. On the long-term charts, the stock has been trading in an ascending channel pattern on the weekly charts since 2009. The stock witnessed a strong reversal on the monthly charts from the lower band of the channel support. The stock has also had a 5-year breakout at Rs 425 levels implying the stock can witness a strong upside going forward. RSI is still below overbought levels and macd has witnessed a bullish crossover on the monthly charts suggesting the stock can start a fresh uptrend. Fresh buying at current levels is not advised as the stock is considerably higher from the breakout levels, however, those who bought the stock earlier can hold for another 20 to 30 percent higher upside levels in the coming months. One can add the stock on a decline towards Rs 430-Rs 450 levels which will make risk reward quite lucrative for a positional buy."
In terms of technicals, the relative strength index (RSI) of Subros stands at 69.6, signaling it's neither oversold nor overbought. Subros stock has a one-year beta of 0.4, indicating very low volatility during the period. Shares of Subros are trading higher than the 5 day, 20 day, 50 day, 100 day moving averages and 200 day moving averages.
Speaking at an event organised by Mahindra Logistics, Gadkari said on Monday that he wanted to introduce air conditioners in truck cabins from the day he took charge as minister.
But he withheld the idea due to complaints of rising costs of trucks due to installation of AC in cabins, the minister said.
“But before coming to this event today, I have signed the file that mandates air conditioning in truck driver compartments. We must ensure that people who drive the trucks are well taken of,” Gadkari said.
Amber Enterprises India shares too surged after two sessions of fall today. Amber Enterprises is a prominent solution provider for heating, ventilation and air conditioning (HVAC) industry.
The strong buying in Amber stock took the market cap of the firm to Rs 7760.85 crore. Total 0.49 lakh shares of the firm changed hands amounting to a turnover of Rs 11.40 crore on BSE today. Amber Enterprises India shares are trading higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
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Shares of Subros Ltd, engaged in the manufacturing of auto air conditioning systems, were locked in the upper circuit of 20% today after Union Road Transport Minister Nitin Gadkari said all trucks will now need to have air-conditioned driver compartments starting 2025. Shares of Amber Enterprises, which manufactures air conditioners for buses, metros, and railways, too surged 13.2% in early trade after the minister’s announcement.
Subros stock hit a fresh 52 week high of Rs 435.5 after the scrip rose 20% intraday against the previous close of Rs 362.10 on BSE. The stock opened 5.32% higher at Rs 434.50 today. The auto component stock has gained 51.58% in a year and risen 45,32 per cent in 2023. Shares of Subros have delivered 35.72% returns in a month.
Total 0.71 lakh shares of the firm changed hands amounting to a turnover of Rs 3.07 crore on BSE today. The market cap of the firm rose to Rs 2834 crore on BSE.
The stock hit a 52-week low of Rs 272 on February 27, 2023.
Gaurav Bissa, VP, InCred Equities said, "Subros had been trading in a narrow range for the last two years. The stock has recently given a breakout from the range on the daily charts with strong volumes. On the long-term charts, the stock has been trading in an ascending channel pattern on the weekly charts since 2009. The stock witnessed a strong reversal on the monthly charts from the lower band of the channel support. The stock has also had a 5-year breakout at Rs 425 levels implying the stock can witness a strong upside going forward. RSI is still below overbought levels and macd has witnessed a bullish crossover on the monthly charts suggesting the stock can start a fresh uptrend. Fresh buying at current levels is not advised as the stock is considerably higher from the breakout levels, however, those who bought the stock earlier can hold for another 20 to 30 percent higher upside levels in the coming months. One can add the stock on a decline towards Rs 430-Rs 450 levels which will make risk reward quite lucrative for a positional buy."
In terms of technicals, the relative strength index (RSI) of Subros stands at 69.6, signaling it's neither oversold nor overbought. Subros stock has a one-year beta of 0.4, indicating very low volatility during the period. Shares of Subros are trading higher than the 5 day, 20 day, 50 day, 100 day moving averages and 200 day moving averages.
Speaking at an event organised by Mahindra Logistics, Gadkari said on Monday that he wanted to introduce air conditioners in truck cabins from the day he took charge as minister.
But he withheld the idea due to complaints of rising costs of trucks due to installation of AC in cabins, the minister said.
“But before coming to this event today, I have signed the file that mandates air conditioning in truck driver compartments. We must ensure that people who drive the trucks are well taken of,” Gadkari said.
Amber Enterprises India shares too surged after two sessions of fall today. Amber Enterprises is a prominent solution provider for heating, ventilation and air conditioning (HVAC) industry.
The strong buying in Amber stock took the market cap of the firm to Rs 7760.85 crore. Total 0.49 lakh shares of the firm changed hands amounting to a turnover of Rs 11.40 crore on BSE today. Amber Enterprises India shares are trading higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
Watch: Buzzing stocks on June 20, 2023: RVNL, Concor, IIFL Securities, HDFC AMC, Timken, others
Also read: Timken India, HDFC AMC, ICICI Bank, HDFC Bank, Adani Enterprises and Tata Motors see high turnover
Also read: Central Bank shares extend gains, jump 7% today amid heavy volumes; more upside possible?