Amtek India jumps on plans to acquire substantial stake in Kuepper

Amtek India surged 11.61% to Rs 69.20 at 9:45 IST on BSE after the company said it has entered into an agreement to acquire substantial business interests of Germany based Kuepper Group, through its 100% subsidiaries.

The announcement was made after market hours on Tuesday, 24 December 2013.

Meanwhile, the S&P BSE Sensex was up 42.08 points or 0.2% at 21,074.79.

On BSE, so far 1.07 lakh shares were traded in the counter as against average daily volume of 21,085 shares in the past one quarter.

The stock hit a high of Rs 69.45 and a low of Rs 63.55 so far during the day. The stock had hit a 52-week high of Rs 121.75 on 1 January 2013. The stock had hit a 52-week low of Rs 49 on 31 July 2013.

The stock had underperformed the market over the past one month till 24 December 2013, sliding 3.88% compared with the Sensex's 4.03% rise. The scrip had also underperformed the market in past one quarter, declining 0.16% as against Sensex's 5.58% rise.

The small-cap company has equity capital of Rs 55.51 crore. Face value per share is Rs 2.

The Kuepper Group is engaged in the business of iron and aluminium casting and integrated machining having 5 manufacturing units across Germany and Hungary. The transaction closing is subject to fulfillment of certain conditions, Amtek India said.

Amtek India's net profit surged 86.9% to Rs 55.13 crore on 48.9% growth in net sales to Rs 558.25 crore in the quarter ended 30 September 2013 over the quarter ended 30 September 2012.

Amtek India is a leading provider of iron cast automotive components in India.

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