Shares of Amtrex Hitachi zoomed today on reports that the Japanese consumer electronics major Hitachi is buying out the Lalbhai group's 35 per cent stake in the joint venture.
The stock ended 10.86 per cent higher at Rs 19.40 on the Bombay Stock Exchange (BSE) after hitting an intra-day high of Rs 20.95.
A total of 5,160 shares changed hands on the counter on the BSE, while on the National Stock Exchange it was at 22,353 shares.
The stock of the air-conditioner maker jumped on reports that Hitachi is close to buying out the Lalbhai group's 35 per cent stake in the joint venture.
In 12 sessions, between September 5 and 24, the scrip rose by 35.6 per cent to Rs 19.40, from Rs 14.30.
However, as on June 30, 2002, the promoters' holding in the company was at 44.63 per cent, with Hitachi holding 35.2 per cent and the Lalbhai group 8.9 per cent. ICICI Bank (formerly ICICI) held 26.30 per cent stake, while the public 26.25 per cent.
Dealers said the stock's rise was mainly on reports that once the sale transaction is concluded, Hitachi would have a controlling stake in the company.
A member of the Lalbhai group, Amtrex Hitachi Appliances, formerly known as Amtrex Appliances, was incorporated in December 1984 as Acquest Air-conditioning Systems. It was converted into a public limited company in June 1989.
For the third quarter ended June 30, 2002, the company registered a profit of Rs 27 lakh as compared with a net loss of Rs 5.64 crore in the corresponding period last year. Sales increased by 30 per cent to Rs 90.11 crore, from Rs 69.49 crore.
