Amtek India has surged nearly 20% to Rs 101, also its 52-week high, on back of heavy volumes on the National Stock Exchange (NSE).
The stock opened at Rs 84.65 and has seen over four-fold jump in trading volumes. At 1205 hours, a combined 14.65 million representing around 5.3% of total equity of the company changed hands on the counter.
Shares in auto parts and equipment maker have rallied 41% in past three trading sessions from Rs 71.75 on June 5, after Cresta Fund sold part of its holding through open market.
On June 06, 2014, Cresta Fund offloaded 3.88 million shares or 1.4% stake in Amtek India at Rs 73.20 per share on the NSE, the bulk deal data shows. Cresta Fund held 9.68 million (3.49% stake) in the company at the end of March 2014 quarter.
Meanwhile, last week Nomura initiated “buy’” rating on group company Amtek Auto with a target price of Rs 416, citing it as a leveraged play on a turnaround in the domestic automotive industry. The stock is currently trading at Rs 262 on the BSE.
The entire 71.23% promoter stake of Amtek India is held by Amtek Auto.
The stock opened at Rs 84.65 and has seen over four-fold jump in trading volumes. At 1205 hours, a combined 14.65 million representing around 5.3% of total equity of the company changed hands on the counter.
Shares in auto parts and equipment maker have rallied 41% in past three trading sessions from Rs 71.75 on June 5, after Cresta Fund sold part of its holding through open market.
On June 06, 2014, Cresta Fund offloaded 3.88 million shares or 1.4% stake in Amtek India at Rs 73.20 per share on the NSE, the bulk deal data shows. Cresta Fund held 9.68 million (3.49% stake) in the company at the end of March 2014 quarter.
Meanwhile, last week Nomura initiated “buy’” rating on group company Amtek Auto with a target price of Rs 416, citing it as a leveraged play on a turnaround in the domestic automotive industry. The stock is currently trading at Rs 262 on the BSE.
The entire 71.23% promoter stake of Amtek India is held by Amtek Auto.
