Sunday, August 17, 2008

Amtek Auto on overseas tie-up

Amtek Auto rose 0.24% to Rs 189 at 10:20 IST on BSE after the company formed a joint venture with FormTech Industries of Michigan to set up a manufacturing facility for manufacturing hatehur hot forgings for automotive applications in India & Europe.
The stock hit a high of Rs 193 and a low of Rs 186.65 so far during the day. The stock had hit a 52-week high of Rs 526 on 31 October 2007 and a 52-week low of Rs 179 on 08 August 2008.
The company has an equity capital of Rs 28.20 crore. Face value per share is Rs 5.
The current price of Rs 189 discounts its Q4 June 2008 annualised EPS of Rs 21.27, by a PE multiple of 8.89.
Amtek Auto will hold 51% stake in the joint venture (JV) and FormTech will own 49%. The new JV facility is scheduled to be fully operational in about 12 to 18 months.
FormTech is a manufacturer and supplier of precision hot, warm and cold forging components.
On 4 August 2008, Amtek Auto's board approved merger of Amtek India, Ahmednagar Forgings, Amtek Ring Gears, Amtek Crankshaft India and Amtek Castings India with the company.
In June 2008, Amtek Auto’s subsidiary formed an equal joint venture with US railcar manufacturer American Railcar Industries to set up a new railcar manufacturing facility in India.
Amtek Auto’s net profit rose 18.7% to Rs 74.97 crore on 12.4% increase in net sales to Rs 318.23 crore in Q4 June 2008 over Q4 March 2007.
Amtek Auto is a leading Indian supplier of automotive components and an integrated automotive component manufacturer of forgings, machining and sub-assemblies.

No comments: