Amtek Auto buzzing loud and clear

Amtek Auto is the top gainer on the BSE since the opening bell. Going up over 11% at one point, crossing the Rs.50-mark, the stock is firmly entrenched in the green, up currently 8% at Rs.49. Its 52-week is within attainable distance at Rs.56.20.

Given the travails of the company, it is only news based movement for the stock. And this time the news is that Mahindra CIE Automotive was interested in buying the assets of the debt-ridden auto component maker.  The company is sitting on a serious pile of huge debt – around Rs.15,000 crore.

This is all rumor, not yet confirmed by the company; but the news itself, broken by Economic Times is sketchy as they say in the report, that Mahindra had not yet got into a serious dialogue with the Amtek Auto promoters.