Amtek Auto gains after Q3 results

The result was announced after market hours on Monday, 13 May 2013.

Meanwhile, the S&P BSE Sensex was up 102.92 points or 0.52% at 19,794.59.

On BSE, 92,000 shares were traded in the counter as against average daily volume of 2.09 lakh shares in the past one quarter.

The stock hit a high of Rs 81.50 and a low of Rs 79.10 so far during the day. The stock had hit a 52-week high of Rs 125 on 15 May 2012. The stock had hit a 52-week low of Rs 59.90 on 5 April 2013.

The stock had outperformed the market over the past one month till 13 May 2013, jumping 21.2% compared with the Sensex's 7.94% rally. The scrip had also outperformed the market in past one quarter, surging 7.23% as against Sensex's 0.43% rise.

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

Amtek Auto's bottom line in Q3 March 2013 was boosted by exceptional gain of Rs 192.16 crore.

During the quarter, Amtek Auto divested 83.56 lakh equity shares of its investment in Amtek Crankshafts (India) (ACIL), representing 56% of the total paid up capital of ACIL. Consequent to this transaction, the company had ceased to be the holding company of ACIL, Amtek Auto said. The company's post divestment holding in ACIL remains at 44%, Amtek Auto said.

During the quarter, Amtek Auto disposed off 1.14 crore equity shares of its investment in Amtek Ring Gears (ARGL), representing 56% of the total paid up capital of ARGL. Consequent to this transaction, the company ceased to be holding company of ARGL, Amtek Auto said. The company's post divestment holding in ARGL remains at 42.07%, Amtek Auto said.

Amtek Auto entered into an agreement during the quarter to acquire substantial business interest of Germany based Neumayer Tekfor Group, which is engaged in the business of forging and integrated machining having 9 manufacturing units in Germany, Italy, US, Mexico and Brazil. The turnover of the acquired business is around euro 500 million, Amtek Auto said.

Amtek Auto is an automotive component manufacturer with a strong global presence. The company has facilities in India, Europe and North America. Its business includes forging, grey and ductile iron casting, gravity and high-pressure aluminum die casting and machining and sub-assembly. The company also manufactures components for non-auto sectors such as the railways, specialty vehicles, aerospace, agricultural and heavy earth moving equipment.

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