Amtek Auto Share Price sinks 7% on Dismal Q2 Performance

Amtek Auto yesterday announced its results for the quarter ending 30^thSeptrember 2016. The company posted net loss of Rs 755.18 crores in Q2 FY16 compared with net loss of Rs 158.62 crore in Q2 FY16. The result was announced after market hours yesterday, 13 December 2016. Total income came down to Rs 497.04 crore in the period under review compared with Rs 833.83 crore in the same period a year ago.

On the Dismal Q2 results Amtek Auto share price shed almost 7 per cent in the trade today at NSE making the intraday low of Rs. 35.15. The stock had hit a high of Rs 36.75 so far during the day. The stock had hit a 52-week high of Rs 56.25 on 26 July 2016 and a 52-week low of Rs 26.10 on 12 February 2016.

The stock had under performed the market over the past 30 days till 13 December 2016, falling 0.26 per cent compared with 2.53 per cent rise in the Nifty share price. The scrip had also underperformed the market in past one quarter, falling 14.63 per cent as against Nifty’s 6 per cent surge. The small-cap company has equity capital of Rs 44.95 crore. Face value per share is Rs 2.

At 3:03 PM, Amtek Auto share price was trading at Rs. 36.15 declining over 4 per cent while Nifty traded with the slip of 0.39 per cent. So far over 12 lakh shares had changed hands on the NSE trading counter as compared to its twenty day average of approximately two crore shares.

Amtek Auto is one of the biggest integrated component manufacturers in India with a strong global presence. It has also become one of the world's major global forging and integrated machining companies.

Amtek Auto is the top 500 performing stock as recommended by Dynamic Levels. For the details on the stock, visit Amtek Auto share price history page of Dynamic Levels website.

Amtek Auto Share Price surges 7% in the Morning Trade

Today, auto components maker Amtek Auto said that its board will meet next week to mull over a proposal for infusing fresh equity by new investors and restructuring of the company.  A meeting of the board is planned to be held on November 30 to consider the proposals. The fact is confirmed by Amtek Auto in a regulatory filing.

This led the Amtek Auto share price surge almost 7 per cent in the morning trade, right after the opening.

Concurrently, a joint meeting of board of directors of Amtek, Castex Technologies and ARGL Ltd is also being summoned to discuss the individual board meeting and deliberate on the infusion of fresh equity by the new investors, the company added.

While Nifty was trading in the red zone, Amtek Auto share price opened at Rs. 41, above its last close price of Rs. 38.70. The share of face value Rs. 2 has the book value of 211.56. Amtek Auto has the market cap of Rs. 869.80 crores as on 28^thNovember 2016. The stock has the ADM, i.e. the Average Daily Movement of 2.12.

At 9:38 Am Amtek Auto share price was trading at Rs. 40.85 with the rise of 5.56 per cent. So far, over eleven lakh shares have changed hands on the NSE trading counter today as compared to its twenty day average volume of fourteen lakhs. The intraday high and low values of Amtek Auto thus far are Rs. 41.90 and Rs. 40.50 respectively. The 52 week high of the stock is Rs. 56.25 on 26^th July 2016 while the lifetime high stands at Rs. 525.45 on 6^th November 2007. The scrip had traded on its lifetime low of Rs. 1.42 on 9^th February 1999.

Amtek Auto is the top 500 performing stock as identified by Dynamic Levels for the quarter. For the details on the stock, visit Amtek Auto share price history page of Dynamic Levels website.

Amtek Auto Share Price Surged Over 11 Per Cent Higher

In spite of the auto sector performing neutrally today, Amtek Auto share price surged over 11 per cent higher and traded at Rs.39.90 on the National Stock Exchange (NSE) today. The stock touched 52-week high of Rs. 56.25 (26-Jul-16). The 52-week low of the stock reads at Rs. 26.10 (12-Feb-16). The life time high of AMTEK AUTO share price stands at Rs. 525.45 (06-Nov-07), on the other hand, the life time low of the stock reads at Rs. 1.42 (09-Feb-99).

The stock opened at Rs. 34.90. As of 14:28 pm, the day’s low read at Rs.34.45 while the day’s high stood at Rs.39.90. So far, the traded volume stands at 4179064 shares with a traded value of Rs. 1591.39 lac. The market cap of AMTEK AUTO amounts to Rs. 784.40 (Cr) while the book value stands at 211.56. The lower price band of the stock currently stands at Rs.27.95 while the upper price band reads at Rs.41.85. The face value of the stock is Rs.2.

The average volume of 20 days of the scrip stands at 1206343 shares. The stock has an ADM or Average Daily Movement of 211.56.

At 2:50pm, Amtek Auto share price was trading 10.60 per cent higher at Rs.38.60 on the NSE today. Out of the 1700 Shares listed on the NSE, AMTEK AUTO is one of the top 500 Stocks, identified by Dynamic Levels Researchers and stock analysts. The stock can be a good investment opportunity which can give you good returns. The scrip is a well analysed stock, based on Dynamic Levels’ technical and fundamental research. The company is awaiting its September quarter results.

To seek information on the resistance and support levels of the scrip and to know more about its fundamentals and financials, please pay a visit to AMTEK AUTO share price history.

Amtek to Shortlist Bidders for Tekfor

Amtek Auto is anticipated to shortlist bidders for its German division Tekforin the week to come, a year after starting what has been a lengthy sale process. Loss-making Amtek, which has changed advisors and at present is working with Rothschild on the sale, has been given eight first-round bids, valuing Tekfor at up to 520 million euros ($573 million).

7of the bids are from car parts makers, which includes a state-owned Chinese firm, whereas one offer was made by a private equity group. Hopefully Spain's CIE - part-owned by Mahindra Group - and Canada's Linamar have strong chances of being shortlisted. It is not clear whether Japan's Musashi Seimitsu, which earlier this year bought rival Hay Group, has also made an offer.

CIE is in a preliminary phase of analysis on the conditions for the purchase of certain assets of Amtek Auto, such as Tekfor. Amtek, Rothschild and the other bidders refused to comment or were not immediately available for comment.

Tekfor is hoped to produce earnings before interest, taxes, depreciation and amortization of around 80 million euros this year.

Amtek is on a drive to reduce debt and launched the sale of the maker of driveline components previously known as Neumayer Tekfor, just two years after buying it out of insolvency.

Neumayer Tekfor was incorporated in 1942 and was involved in various mergers before being bought up by Barclays Private Equity, now Equistone, in 2005. It had two joint ventures with Amtek before going into administration in 2012. On 2^nd Nov, Amtek Auto share price opened at Rs. 44.20 against its previous closing at Rs. 44.00. The stock is trading at Rs. 43.60, down by 0.91 per cent.

Amtek Auto is one of the top 500 performing stocks for this quarter as identified by Dynamic Levels. For further details on the stock, refer to Amtek Auto share price forecast.

Source: www.dynamiclevels.com

Amtek Auto Share Price show Recovery after Q1 FY17 Results

Amtek Auto share price tanked more than 6 per cent today. The share price is currently trading at Rs 48.35 apiece on NSE.

A total of 55,05,642 shares of the Company have exchanged hands on the counter of NSE aggregating to a total value of Rs 2,653.72 lacs.

Shares of the Amtek Group – Amtek Auto, JMT Auto, Castex Technologies as well as Metalyst Forgings – were trading higher by up 10 per cent in today’s trading session on the back of heavy volumes. Amtek Group has a wide range of operations across forging, iron and aluminium casting, machining and also sub-assemblies.

Metalyst Forgings share price and Castex Technologies share price have locked in upper circuit of 10 per cent each, at Rs 61.20 and Rs 10.49, respectively, with no sellers seen on these counters.

Amtek Auto share price was too up nearly 6 per cent at Rs 45.25 on the Bombay Stock Exchange. In a regulatory filing on 15^thSeptember, the company said that it is looking “to convert the whole or part of the loans of the Company.”

Last week the share price dropped more than 6 per cent intraday on the back of poor Q1 FY17 results. However the share price showed recovery and reached as high as Rs 49.30, close to its 52 week high of Rs 56.25 made on 26th July 2016. The 52 week low of the share is Rs 26.10 made on 12th February 2016.

For the quarter ended 30^th June 2016 net loss of Rs 319.68 crores owing to the decline in sales. The company had clocked a net loss of Rs 157.6 crores during the corresponding period of the previous financial year. Net sales of the company also slipped to Rs 539.83 crores for the June 2016 quarter compared to Rs 854.22 crores in the same period of previous financial year, as per Amtek Auto’s regulatory filing.