Recently, Bharat Forge has confirmed that it took participation in the process of acquiring Amtek Auto. There were some other renowned names of the industry, who were interested in acquiring Amtek Auto along with Bharat Forge.
Today, in open market traders and investors were seen interested in buying shares of Amtek Auto. This happened when multinational company Bharat Forge said that it will be joining the race of acquiring the debt-laden company.
It was found that the stock was locked at 20 percent upper circuit at Rs 29.70 per share.
At 14:10 hours IST, there were pending buy orders of 1,118,759 shares, with no sellers available on the BSE.
On the other hand, Amtek Group companies Castex Technologies and Metalyst Forgings were also locked at 10 percent and 20 percent upper circuit, respectively.
Recently, Bharat Forge has confirmed that it took participation in the process of Acquiring Amtek Auto. There were some other renowned names of the industry, who were interested in acquiring Amtek Auto along with Bharat Forge.
For the June quarter, the company has confirmed a net loss of Rs 862.43 crore. The total revenue of the company was Rs 446.84 crore. Earlier in the last financial year, the net loss stood at Rs 1,494.22 crore, while the total revenue was Rs 1,982.46 crore.
Amtek Auto has also asked for the permission from authorities to file its results for the September quarter till January 30, 2018.
The holding company owed at least Rs 14,074 crore to various lenders as of March 2017.
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