JMT Auto hits new high; zooms nearly 300% in five-weeks

Since June 25, the market value of auto parts & equipment manufacturer has zoomed nearly 300% from Rs 29 to Rs 110.

Shares of JMT Auto have locked in upper circuit for 16 straight days up 5% at Rs 110, also its new high on the BSE.

Last week, JMT Auto, an Amtek Group Company, announced the acquisition of Germany-based Rege Holding GmbH (Rege) through its Singapore-based special purpose vehicle (SPV) for an undisclosed amount.

This acquisition was funded at overseas subsidiary level, JMT Auto said in a regulatory filing on July 24.

Rege Company has two plants in Germany and one in Romania and it manufactures various components including connecting rods, cylinder heads and gear housings.

Earlier, in May, the promoter group and auto component maker Amtek Auto said that the company through its Singapore-based subsidiary Amtek Engineering Solutions Pte had signed a contract to acquire the Rege.

Meanwhile, since June 25, the market value of auto parts & equipment manufacturer has zoomed nearly 300% from Rs 29.14 after the company sub-divided the face value of its equity shares to Rs 2 from Rs 5 paid-up.

Today a multiple block deals executed on the counter on the BSE. Till 11:56 AM, around 1.26 million shares changed hands against an average sub 100,000 shares that were traded daily in past two weeks. There were pending buy orders for 346,723 shares on the BSE and NSE.