 "Amtek Auto rallies on heavy volumes")
Amtek Auto has rallied 15% to Rs 49.80 on the BSE on back of heavy volumes on reports that Bharat Forge said to be weighing bids for the company’s assets.
The another media report suggests that the company is likely to cut its workforce by combining several operations to save costs even as the company is constantly looking to reduce its huge debt burden.
The BSE said that the Exchange has sought clarification from Amtek Auto today with reference to news reported in Bloomberg TV on December 3, 2015 -" Bharat forge said to be weighing bids for amtek tekfor, and with respect to news article appearing in The Financial Express on December 2, 2015 titled "Amtek to slash workforce, combine operations to cut costs." The reply is awaited.
Tekfor is the German forging company which Amtek Auto acquired in 2013, for Rs 6,000 crore. Amtek Auto expects to receive money from this deal in the first quarter of the next calendar year. The company had indicated it would raise Rs 6,500 crore to bring down the consolidated group debt of Rs 19,000 crore. CLICK HERE TO READ FULL REPORT.
At 12:14 PM, the stock was up 13% at Rs 48.95 on the BSE. A combined 22.54 million shares have already changed hands on the counter against an average around five million shares that were traded daily in past two weeks on the BSE and NSE.
The another media report suggests that the company is likely to cut its workforce by combining several operations to save costs even as the company is constantly looking to reduce its huge debt burden.
The BSE said that the Exchange has sought clarification from Amtek Auto today with reference to news reported in Bloomberg TV on December 3, 2015 -" Bharat forge said to be weighing bids for amtek tekfor, and with respect to news article appearing in The Financial Express on December 2, 2015 titled "Amtek to slash workforce, combine operations to cut costs." The reply is awaited.
Tekfor is the German forging company which Amtek Auto acquired in 2013, for Rs 6,000 crore. Amtek Auto expects to receive money from this deal in the first quarter of the next calendar year. The company had indicated it would raise Rs 6,500 crore to bring down the consolidated group debt of Rs 19,000 crore. CLICK HERE TO READ FULL REPORT.
At 12:14 PM, the stock was up 13% at Rs 48.95 on the BSE. A combined 22.54 million shares have already changed hands on the counter against an average around five million shares that were traded daily in past two weeks on the BSE and NSE.
