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Amtek Auto gains on the buzz of its plans of foraying into aerospace, railways, oil & gas

13 Nov 2014 Evaluate

Amtek Auto is currently trading at Rs. 223.40, up by 24.45 points or 12.29 % from its previous closing of Rs. 198.95 on the BSE.

The scrip opened at Rs. 200.90 and has touched a high and low of Rs. 231.25 and Rs. 200.50 respectively. So far 1017934 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 272.40 on 09-Jun-2014 and a 52 week low of Rs. 62.25 on 04-Feb-2014.

Last one week high and low of the scrip stood at Rs. 202.50 and Rs. 163.35 respectively. The current market cap of the company is Rs. 4887.75 crore.

The promoters holding in the company stood at 48.98 % while Institutions and Non-Institutions held 41.70 % and 9.32 % respectively.

Amtek Auto is reportedly planning to diversify into new areas such as aerospace, railways and oil and gas by utilising its core forging and casting business. The $2.7-billion Amtek Group will continue to maintain its main focus on the automotive industry, but is looking at synergies with other areas to harness growth potential.

The group manages 65 production facilities across several countries. The casting and forging facilities for manufacturing automobile parts can also be used for making custom fittings, valve bodies and other components used in the oil industry.

Recently, the company’s subsidiary Amtek Global Technologies raised Euro 235 million from global investment firm Kohlberg Kravis Roberts (KKR). The company will use the long-term credit to replace its bridge loan and to consolidate debt.  

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