 "Amtek Auto zooms over 50% after preferential allotment to promoters")
Shares of Amtek Auto zoome 54% to end at Rs 46.95 on the National Stock Exchange (NSE) after the auto parts & equipment maker announced the allotment of equity shares worth of Rs 75 crore to the promoters of the company on preferential basis.
The stock rallied 80% to Rs 54.90 on the NSE in intra-day trade. A combined 111 million shares representing 50% of total equity of Amtek Auto changed hands on the NSE and BSE today.
The allotment committee of board of directors of the company in their meeting held on September 10, 2015 has allotted 4.44 million equity shares of face value of Rs 2 each at a premium of Rs 167 aggregating to Rs 75 crore to the promoters group companies by way of preferential allotment, Amtek Auto said in a BSE statement.
The BSE said that the exchange has sought clarification from Amtek Auto with reference to the news appeared in ETNOW on September 11, 2015 captioned "open to sell minority stake in some assets, can consider selling some minority stake in some overseas business, looking to sell select Industrial Plants, Negotiations going on---Promoters may pump more money into the company, Company to clarify on financial position in next few days".
The reply is awaited, it added.
Meanwhile, in past one-month, the stock tanked 82% from Rs 165 to Rs 30 till yesterday after the company reported net loss of Rs 158 crore for the quarter ended June 2015. It had posted profit of Rs 86 crore in the same quarter last year.
On August 20, the company said that there is temporary cash flow mismatch in the company. While the National Stock Exchange (NSE) vides its circular dated August 18, said that the exchange has decided to remove the stock from future and options (F&O) segment with effect from October 30, 2015.
Apart from Amtek Auto, JMT Auto and Metalyst Forgings, the other two Amtek Group companies ended higher by 5% each at Rs 54.75 and Rs 37.55 respectively. Both these stocks tanked more than 50% in past one-month.
Castex Technologies, however, locked lower circuit for 44 straight trading days, down 5% at Rs 38.40 on the NSE.
The stock rallied 80% to Rs 54.90 on the NSE in intra-day trade. A combined 111 million shares representing 50% of total equity of Amtek Auto changed hands on the NSE and BSE today.
The allotment committee of board of directors of the company in their meeting held on September 10, 2015 has allotted 4.44 million equity shares of face value of Rs 2 each at a premium of Rs 167 aggregating to Rs 75 crore to the promoters group companies by way of preferential allotment, Amtek Auto said in a BSE statement.
The BSE said that the exchange has sought clarification from Amtek Auto with reference to the news appeared in ETNOW on September 11, 2015 captioned "open to sell minority stake in some assets, can consider selling some minority stake in some overseas business, looking to sell select Industrial Plants, Negotiations going on---Promoters may pump more money into the company, Company to clarify on financial position in next few days".
The reply is awaited, it added.
Meanwhile, in past one-month, the stock tanked 82% from Rs 165 to Rs 30 till yesterday after the company reported net loss of Rs 158 crore for the quarter ended June 2015. It had posted profit of Rs 86 crore in the same quarter last year.
On August 20, the company said that there is temporary cash flow mismatch in the company. While the National Stock Exchange (NSE) vides its circular dated August 18, said that the exchange has decided to remove the stock from future and options (F&O) segment with effect from October 30, 2015.
Apart from Amtek Auto, JMT Auto and Metalyst Forgings, the other two Amtek Group companies ended higher by 5% each at Rs 54.75 and Rs 37.55 respectively. Both these stocks tanked more than 50% in past one-month.
Castex Technologies, however, locked lower circuit for 44 straight trading days, down 5% at Rs 38.40 on the NSE.
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