Amtek Auto advances as board to consider issue of preferential shares

Amtek Auto rose 2.47% to Rs 35.20 at 10:25 IST on BSE after the company said its board will meet on 10 June 2017, to consider the issue of equity capital on preferential basis.

The announcement was made after market hours yesterday, 7 June 2017.

Meanwhile, the S&P BSE Sensex was down 18.87 points, or 0.06% at 31,252.41. The S&P BSE Small-Cap index was up 28.40 points, 0.18% at 15,454.26.

On the BSE, 3.40 lakh shares were traded on the counter so far as against the average daily volumes of 5.76 lakh shares in the past one quarter. The stock had hit a high of Rs 35.75 and a low of Rs 35.15 so far during the day. The stock had hit a 52-week high of Rs 56.20 on 26 July 2016 and hit a 52-week low of Rs 30.60 on 27 February 2016.

The stock had underperformed the market over the past one month till 7 June 2017, declining 9.49% compared with the Sensex's 4.73% rise. The scrip had also underperformed the market over the past one quarter sliding 4.72% as against the Sensex's 7.83% rise. The scrip had also underperformed the market over the past one year advancing 1.33% as against the Sensex's 15.78% rise.

The small-cap company has equity capital of Rs 49.65 crore. Face value per share is Rs 2.

Amtek Auto said that a meeting of the board of directors is scheduled on 10 June 2017, to consider the issue of equity shares of the company on preferential basis subject to the approval of the shareholders of the company.

Amtek auto reported net loss of Rs 241.56 crore in the quarter ended December 2016, compared with net loss of Rs 175.36 crore in the quarter ended December 2015. Net sales fell 46.8% to Rs 438.40 crore in the quarter ended December 2016 over the quarter ended December 2015.

Amtek Auto is one of the leading integrated auto component manufacturers.

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