Amtek Auto share price up 19% on Nomura boost

Amtek Auto surges as much as 19.3 per cent to a six-year high of Rs 264.90 after Nomura initiates coverage on the stock with a "buy" rating and a target price of Rs 416, citing it as a leveraged play on a turnaround in the domestic automotive industry. Amtek has been very aggressive with capex and acquisitions in the past which has not paid as a slowdown in the key markets of India and Europe led to a build-up of significant debt, the investment bank says in a report on Friday.