Shares of Amber Enterprises surged up close to 5% on Thursday to hit a new 52-week high of ₹3,149.90.

What Happened: The surge in the stock comes today as global brokerage firm CLSA initiated coverage on the stock with a ‘buy’ rating. The brokerage has a price target of ₹3,650. The target indicates an over 20% upside from the stock’s last closing price of ₹3,005.95.

The firm in its note on the electronics manufacturing services (EMS) sector said that the sector has the support of aggressive policies. The note added that the shift in the global supply chain will also help India.

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As per the firm, Amber Enterprises will benefit from the rising consumer adoption of room air conditioners. The stock has been on a steady rise this year, going up over 60%. Just in the past month, the Amber Ent share price has gone up over 20%.

Ace investor Akash Bhanshali owns a 1.48% stake in the company.

Price Action: After the initial spurt, Amber Ent’s share price simmered down a bit to trade 1.69% higher at ₹3,056.90 on Thursday morning.

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