Business Daily from THE HINDU group of publications
Thursday, Sep 07, 2006
Business Daily from THE HINDU group of publications Thursday, Sep 07, 2006 |
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Markets - Stocks Columns - Ear to the ground
The Rs 2-stock finished at Rs 120 on Wednesday, up over one per cent, with a traded quantity of 61,574 shares on the NSE and 25,587 shares on the BSE. A senior company official confirmed to Business Line that Amtek India (an auto ancillary company) is looking for acquisitions in the western hemisphere as also in the country. "But the negotiations are at an initial stage," the official maintained. According to market sources, the company has begun due diligence process for a listed machining entity in the country, whereas it is in negotiations with other three unlisted machining outfits in the US and the UK for a possible takeover. The company, which is understood to have a created a separate war chest of $300 million for acquisitions, is targeting overseas units with an annual sales of $100-150 million. Meanwhile, the company is expanding its forging and casting capacities at a cost of Rs 650 crore. The expansion projects are expected to be complete in the first quarter of 2007. It is raising its forging capacity by one lakh tonne per annum (tpa) to 2.5 lakh tpa and for in-casting the capacity is being improved to 75,000 tpa from 30,000 tpa. According to analysts, Amtek is projected to report an EPS of Rs 17.74 this fiscal.
Jayanta Mallick
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