Shares of Amtek Auto, Metalyst Forgings and Castex Technologies rose between 0.87% and 4.61% at 15:19 IST on BSE after these companies' joint board along with the board of ARGL approved the infusion of fresh capital by new investors.
The announcement was made during market hours today, 30 November 2016.Amtek Auto (up 4.61% at Rs 41.95), Metalyst Forgings (up 0.87% at Rs 69.70) and Castex Technologies (up 4.17% at Rs 10) edged higher.
Meanwhile, the S&P BSE Sensex was up 278.46 points or 1.06% at 26,672.47.
The joint board of Amtek Auto, Metalyst Forgings, ARGL and Castex Technologies approved the infusion of fresh capital by new investors and restructuring and reduction of debt subject to the approval of lenders. The joint board also approved the process of monetisation to support the restructuring and debt reduction of Amtek Auto.
Amtek Auto is one of the largest integrated component manufacturers in India with a strong global presence. It has also become one of the world's largest global forging and integrated machining companies. The company reported net loss of Rs 319.68 crore in the quarter ended June 2016, compared with net loss of Rs 157.60 crore in the quarter ended June 2015. Net sales declined 36.8% to Rs 539.83 crore year on year in the quarter ended June 2016.
Metalyst Forgings is a castings and forgings company. The company reported net loss of Rs 65.10 crore in the quarter ended June 2016, compared with net loss of Rs 66.23 crore in the quarter ended June 2015. Net sales declined 39% to Rs 333.41 crore year on year in the quarter ended June 2016.
Castex Technologies (formerly known as Amtek India) is a leading provider of iron cast automotive components in India.The company reported net loss of Rs 178.20 crore in in the quarter ended June 2016, compared with net loss of Rs 105.58 crore in the quarter ended June 2015. Net sales declined 34.6% to Rs 426.70 crore year on year in the quarter ended June 2016.
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