December 2, 2021

The World Stock Markets Tips & Targets, News, Views & Updates

The World Stock Markets Tips & Targets, News, Views & Updates

Amber Enterprises India and subsidiary get PLI nod for white goods

India and its subsidiary, IL JIN Electronics India have received the approval from Ministry of Commerce & Industry under the Production Linked Incentive (PLI) scheme for white goods (air conditioners).

India, a manufacturer of AC components, received a normal investment of Rs 300 crore while, its subsidiary, IL JIN Electronics India, a manufacturer of lower value intermediaries of ACs, has secured a large investment worth Rs 100 crore.

Jasbir Singh, the chairman and chief executive officer (CEO) of India, said: “The production linked incentive (PLI) scheme approved by the government would help provide a level- playing field to domestic players and create an enabling environment for the industry to compete globally. We believe, with the opportunity in hindsight, our constant endeavor would be to increase penetration and increase our wallet share with the existing customers and acquire new customers and increase export penetration, as we will become more competitive with this PLI incentive and R&D capabilities.”

Amber Enterprises India’s consolidated net profit surged 177.8% to Rs 7.89 crore on a 44% rise in net sales to Rs 587.48 crore in Q2FY22 over Q2FY21.

Shares of Amber Enterprises India rose 0.83% to Rs 3,419.95 on BSE. Amber Enterprises India is a market leader in Indian room air conditioner (RAC) industry and air conditioning industry for mobility application such as railways, metros, buses etc. The company has diversified portfolio which includes RACs, RAC components and air conditioning solutions for railways, metro’s, defence, bus & commercial segment.

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