Amtek Group shares gain on heavy volumes

Amtek Auto, Castex Technologies and Metalyst Forgings have rallied more than 10% on the BSE.

Shares of Amtek Group companies are trading higher by upto 13% on back of heavy volumes on the bourses.

Amtek Auto, Castex Technologies and Metalyst Forgings have rallied more than 10%, while JMT Auto is up 2% at Rs 105 on the BSE. The S&P BSE Sensex is down 0.18% or 46 points at 25,484 at 10:22 am.

Amtek Auto has surged 13% to Rs 52.55 on back of nearly two-fold jump in trading volumes. A combined 16.86 million shares have already changed hands on the counter so far against two-week average of 8.48 million shares that were traded daily in past two weeks on the BSE and NSE.

In the past one week, the stock gained 26% from Rs 41.60 on reports that Bharat Forge said to be weighing bids for Amtek Tekfor.

On clarification on news report, Bharat Forge said, the company keeps evaluating various inorganic growth opportunities from time to time as a part of its strategy.

Tekfor is the German forging company which Amtek Auto acquired in 2013.

Meanwhile, according to Business Standard reports, JP Morgan Asset Management Company (AMC) has managed to sell the debt papers of Amtek Auto to a private equity firm at a 15%.

According to earlier reports, Hong Kong-based private equity firm SSG Capital Management was in talks with JPMorgan to buy out Amtek Auto’s assets. CLICK HERE TO READ FULL REPORT.

Among the other individual stocks, Metalyst Forgings has rallied 12.5% to Rs 103, while Castex Technologies soared 12% to Rs 19.65 on the BSE.