Amtek Group shares in focus; Castex Technologies, Metalyst Forgings up 10%

Amtek Auto and JMT Auto were up 6% each on the BSE.

Shares of the Amtek Group companies – Amtek Auto, JMT Auto, Castex Technologies and Metalyst Forgings – were trading higher by up 10% on the BSE on the back of heavy volumes. Amtek Group has operations across forging, iron and aluminium casting, machining and sub-assemblies.

Metalyst Forgings and Castex Technologies have locked in upper circuit of 10% each, at Rs 61.20 and Rs 10.49, respectively, with no sellers seen on these counters.

The trading volumes in Metalyst Forgings jumped more than two-fold with a combined 682,306 shares changed hands till 12:49 am. There were pending buy orders for 65,858 shares on the BSE and NSE. On Castex Technologies counter there were pending buy orders for 1.02 million shares.

JMT Auto up 6% at Rs 25.70 on the BSE after the stock turned ex-stock split in the ratio of 1:1. The company has fixed September 22, 2016 as the record date for the purpose of sub-division of each equity share of the company having face value of Rs 2 into 2 equity shares of face value of Re 1 each fully paid-up.

Amtek Auto was too up nearly 6% at Rs 45.25 on the BSE. In a regulatory filing on September 15, the company said that it is looking “to convert the whole or part of the loans of the Company (whether disbursed on or prior to or after the date of this resolution and whether then due or payable or not), (as already stipulated or as may be specified by the Financial Institutions/Banks under the financing documents executed or to be executed in respect of the financial assistance…”

The company in July 27, 2106 said it is considering selling non-core business and minority stake in its overseas companies in order to deleverage its balance sheet.

"The company is considering various means to deleverage the balance sheet by selling of non-core business, minority stake in its overseas companies and sale of industrial real estate assets within the group business. However as on date, nothing has been finalised as yet,” Amtek Auto said in a regulatory filing.

Amtek Group has operations across forging, iron and aluminium casting, machining and sub-assemblies. The Annual General Body (AGM) meetings of all four group companies are schedule to held in next week.