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 15thSeptember, 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 30th 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.

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