Amtek India extends gains on Kuepper acquisition

Shares of Amtek India and Amtek Auto extended gains and were up 6%

Shares of Amtek India were up over 6%, extending it 20% rally on Tuesday, on talk that the recent acquisition of German auto component firm has come at a lower cost.

The company recently announced acquisition of Germany based Kuepper Group through its 100% step down subsidiary Amtek Kuepper GmBH.

Kuepper Group is engaged in the business of iron, aluminium casting and integrated machining having 5 manufacturing facilities across Germany and Hungary.

In December, Amtek India had entered into an agreement to buy Germany's Kuepper group of companies, through its 100% subsidiaries.

Over 64,000 shares were traded on both the stock exchanges so far.

Amtek Auto shares were also up 6% at Rs 147.