Financial Daily from THE HINDU group of publications
Tuesday, Feb 10, 2004
Financial Daily from THE HINDU group of publications Tuesday, Feb 10, 2004 |
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Markets
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Stock Markets Funds buying drives up Amtek Auto Our Bureau
Kolkata , Feb. 9 THE stock of Amtek Auto on Monday forged ahead on the major bourses in terms of value and volume on talks of FII investment going up. The company has recently put in place provisioning of increasing FII investment limit to 49 per cent from 24 per cent. According to Ms Priya Madani of Anagram Stockbroking, Amtek is the second largest forging player in the country. The auto component outsourcing possibilities and rising domestic demand had already been pushing up the Amtek stock. The stock had been moving up for the last three sessions. However, according to dealers, today it spurted on bulk institutional buying. At today's closing price of Rs 425 on the BSE, the stock traded at 11.8 times its annualised half-yearly earnings per share of Rs 36.1. The stock's 52-week high is Rs 495 and low is Rs 181. According to a Motilal Oswal study, the company bagged the third spot in terms of wealth creation with a CAGR of 76 per cent. The forging company was the largest supplier of conrods (42 lakh in numbers) in FY03. After acquiring Ahmednagar Forgings, the combined installed capacity is now 78,500 tpa. The company has also invested Rs 28 crore in buying out 100 per cent equity in New Smith Jones Inc, based in Illinois, US, which makes ring gears and flex plates and is a small supplier to global car makers such as Volvo, Reno and Ford.
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