Amtek Auto buzzing loud and clear

Amtek Auto is back in the news today and this time the news is good as it is trading in the green, figuring in the top three gainers on the BSE. The stock is up 6% at Rs.36.55 levels with volumes almost doubling to around 12 lakh shares changing hands in the morning trades.

There is unconfirmed news that the group is close to sealing a deal to sell its German unit, Tekfor to a foreign buyer. The price being quoted for the deal is around Rs.4700 crore or $700 million.

The group is also said to be aggressively looking out for a buyer for its 50% stake in its domestic food business and another JV. These sales are expected to collectively bring in some Rs.3000 crore.

The group’s consolidated debt currently stands at Rs.14,700 crore and post this, it expects debt to come down to Rs.6700 crore in the next 12 months.