Amtek Auto was locked at 10% upper circuit at Rs 30.95 at 12:06 IST on BSE, with the stock extending recent rally on media reports that 21 investors showed interest to buy a stake in the debt-ridden company.
Meanwhile, the S&P BSE Sensex was up 210.83 points or 0.67% at 31,494.47. The S&P BSE Small-Cap index rose 102.77 points or 0.65% at 15,799.04.
On the BSE, 29.13 lakh shares were traded on the counter so far as against the average daily volumes of 7.40 lakh shares in the past one quarter. The stock had hit a high of Rs 30.95 and a low of Rs 30 so far during the day. The stock had hit a 52-week high of Rs 56.20 on 26 July 2016 and a 52-week low of Rs 21.25 on 20 June 2017.
The stock had underperformed the market over the past one month till 21 June 2017, sliding 23.09% compared with the Sensex's 2.69% rise. The stock had also underperformed the market over the past one quarter, declining 20.48% as against the Sensex's 6.1% rise. The scrip had also underperformed the market over the past one year, sliding 22.45% as against the Sensex's 16.67% rise.
The small-cap company has equity capital of Rs 49.65 crore. Face value per share is Rs 2.
Shares of Amtek Auto rallied 31.98% in three trading sessions to its ruling price, from its closing of Rs 23.45 on 19 June 2017. The rally in the stock was triggered by media reports that the company has received expressions of interest (EoIs) from 21 investors, including Bain Capital, TPG Capital, DA Capital, Piramal Enterprises, AION Capital, Deccan Value Investors and Edelweiss Asset Reconstruction Company which will place financial bids over the next three months for a stake in the debt-ridden auto component maker.
However, Amtek Auto in a clarification issued to the stock exchanges after market hours yesterday, 21 June 2017 said that presently it does not have any information which is required to be disclosed to stock exchanges. The company cited its earlier disclosures dated 30 November 2016 and 30 May 2017 wherein it had stated that the secured lenders to the company had already initiated process to seek substantial investments from the potential investors in the company.
Total promoter holding in Amtek Auto stood at 52.4% as per the shareholding pattern as on 10 April 2017.
Amtek Auto reported net loss of Rs 307.57 crore in Q4 March 2017, lower than net loss of Rs 563 crore in Q4 March 2016. Net sales declined 31.8% to Rs 442.36 crore in Q4 March 2017 over Q4 March 2016.
Amtek Auto is one of the leading integrated auto component manufacturers.
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