Amtek Auto jumps on plan to issue equity shares : 20 Feb 2017

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Amtek Auto jumped more than 4 percent to Rs 35.50 on BSE after the company said its board will meet on 23 February 2017 to consider issuing equity shares.

The announcement was made after market hours on Friday, 17 February 2017.

Meanwhile, the BSE Sensex was down 36.31 points, or 0.13 percent, to 28,432.44.

On the BSE, so far 1.11 lakh shares were traded in the counter, compared with average daily volumes of 4.19 lakh shares in the past one quarter. The stock had hit a high of Rs 35.70 and a low of Rs 34.85 so far during the day.

The stock hit a 52-week high of Rs 56.20 on 26 July 2016. The stock hit a 52-week low of Rs 28 on 29 February 2016. The stock had underperformed the market over the past 30 days till 17 February 2017, falling 2.29 percent compared with the 4.25 percent rise in the Sensex.

The scrip had also underperformed the market in past one quarter, falling 0.44 percent as against Sensex’s 8.87 percent rise.

The small-cap company has equity capital of Rs 44.95 crore. Face value per share is Rs 2.

Amtek Auto said that the proposal to issue equity shares is subject to the approval of the shareholders of the company in its general meeting.

Amtek Auto reported a net loss of Rs 241.56 crore in Q3 December 2016 compared with net loss of Rs 175.36 crore in Q3 December 2015. Net sales fell 46.8 percent to Rs 438.40 crore in Q3 December 2016 over Q3 December 2015.

Amtek Auto is an integrated component manufacturer.

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