Meanwhile, the BSE Sensex was up 14.95 points, or 0.15%, to 9,658.66.On BSE, 57.53 lakh shares were traded in the counter. The stock had an average daily volume of 1.85 lakh shares in the past one quarter.The stock hit a high of Rs 57.85 and a low of Rs 51 so far during the day. The stock hit a 52-week high of Rs 497 on 19 December 2007 and a 52-week low of Rs 42.25 on 20 November 2008.
The small-cap stock had underperformed the market over the past one month till 11 December 2008, falling 21.24% as compared to the Sensex's decline of 1.97%. It had also underperformed the market in the past one quarter, declining 69.55% as compared to the Sensex's decline of 32.66%.The company's current equity is Rs 28.20 crore. Face value per share is Rs 2.The current price of Rs 55 discounts the company's Q1 September 2008 annualized EPS of Rs 13.63, by a PE multiple of 4.03.
Amtek Auto, which has Rs 500 crore in cash, raised the $250 million by issuing foreign currency convertble bonds (FCCBs) in mid-2006 specifically for acquisitions and has used up almost all the money for two overseas buys and their expansion. The foreign currency convertible bonds are convertible at Rs 458 in 2011, more than eight times the current trading price.
There had been speculation that it may buyback the outstanding FCCBs after the Reserve Bank of India on Saturday 6 December 2008 relaxed rules for firms to buy back FCCBs after shares prices slumped amid the global financial crisis.
The Reserve Bank of India (RBI), on Saturday 6 December 2008 said corporates could buy back their foreign currency convertible bonds (FCCBs) if they use their foreign exchange reserves held in India or overseas or raise fresh external commercial borrowings (ECBs), provided there is a minimum discount of 15% on the book value of the FCCB. Corporates could also buy back FCCBs out of rupee resources provided there is a minimum discount of 25% on the book value.
Amtek Auto, one of India's largest auto parts makers, is battling an automobile slowdown in India and globally. India's passenger car sales declined 19.4% to 83,059 in November 2008 over November 2007, data released by the Society of Indian Automobile Manufacturers showed. Sales of trucks and buses fell 49.5% to 20,637
Amtek Auto's net profit fell 24.6% to Rs 48.06 crore on 1.2% increase in net sales to Rs 315.51 crore in Q1 September 2008 over Q1 September 2007.Amtek Auto is a leading Indian supplier of automotive components and an integrated automotive component manufacturer of forgings, machining and sub-assemblies.
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