Amtek Auto is currently trading at Rs. 94.00, up by 0.75 points or 0.80% from its previous closing of Rs. 93.25 on the BSE.
The scrip opened at Rs. 94.00 and has touched a high and low of Rs. 94.75 and Rs. 93.40 respectively. So far 5026 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 174.40 on 08-Jun-2011 and a 52 week low of Rs. 86.05 on 21-Nov-2011.
Last one week high and low of the scrip stood at Rs. 99.45 and Rs. 86.70 respectively. The current market cap of the company is Rs. 2174.35 crore.
The promoters holding in the company stood at 37.44% while Institutions and Non-Institutions held 39.51% and 23.05% respectively. Amtek Auto, India’s second-largest forgings company, in a bid to expand its footprint, is eyeing for an acquisition in forging space. The company is keen to cash in the opportunity of economic slowdown in India and Europe by bidding for assets at cheaper price. The group has cash reserves of close to Rs 1,500 crore which could be used as the basis to acquire forging, machining and casting businesses.
Amtek is one of the largest suppliers of automotive components to auto companies such as Tata Motors, Maruti Suzuki and Hyundai. It is also the first automotive component maker to foray into vehicle manufacturing. Amtek operates 43 manufacturing facilities in India and abroad. The project is expected to start with the medical vehicle segment and will have high localization.
The company’s net profit for the quarter ended September 30, 2011 has declined marginally by 3.41% at Rs 52.69 crore as compared to Rs 54.55 crore for the corresponding quarter of the previous year. The company’s total income has increased by 27.81% at Rs 569.70 crore for the quarter under review from Rs 445.75 crore for the corresponding quarter of the previous year.
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