Amtek Auto advances after stellar quarterly outcome

Amtek Auto gained 3.19% to Rs 259 at 10:07 IST on BSE after net profit surged 60.6% to Rs 86.08 crore on 73.4% growth in net sales to Rs 978.80 crore in the quarter ended 30 June 2014 over the quarter ended 30 June 2013.

The result was announced after market hours on Wednesday, 30 July 2014.

Meanwhile, the S&P BSE Sensex was down 13.20 points or 0.05% at 26,074.22

On BSE, so far 75,905 shares were traded in the counter as against average daily volume of 2.44 lakh shares in the past one quarter.

The stock hit a high of Rs 264 and a low of Rs 255 so far during the day. The stock had hit a 52-week high of Rs 272.40 on 9 June 2014. The stock had hit a 52-week low of Rs 58.65 on 6 August 2013.

The stock had underperformed the market over the past one month till 30 July 2014, rising 2.2% compared with 2.65% rise in the Sensex. The scrip, however, outperformed the market in past one quarter, surging 44.96% as against Sensex's 16.37% rise.

The small-cap company has equity capital of Rs 43.72 crore. Face value per share is Rs 2.

Amtek Auto's board of directors at its meeting held on Wednesday, 30 July 2014, approved to make a preferential issue of upto 1.25 crore warrants convertible into equivalent number of fully paid equity shares, to promoters & promoter group companies, subject to necessary permissions, sanctions, approvals and applicable Sebi regulations and other provisions of laws.

Amtek Auto is an automotive component manufacturer with a strong global presence.

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