Shares of Amtek India and Amtek Auto rallied 14 percent and 9 percent respectively in intraday trade on Thursday. Investors are excited about both the stocks as Amtek India has entered into an agreement to acquire substantial business interests in Kuepper group of Germany, through its 100 per cent subsidiaries.
Reports suggest that deal value is 200 million euros (around Rs 1680 crore). The deal may provide Amtek access to high-tech German machining technology and new product customers from Europe. It is likely to bring synergy with Amtek's core expertise in casting and forging operations and strengthens its market position.
Kuepper is the market leader in machine casting industry , with big clients BMW, Daimler and Volkswagen. Kuepper has four manufacturing facilities across Germany and one in Hungary. The Kuepper group is engaged in the business of iron and aluminium casting and integrated machining having five manufacturing units across Germany and Hungary.
At 10:46 hrs Amtek India was quoting at Rs 68.75, up Rs 6.75, or 10.89 percent while Amtek Auto was quoting at Rs 74.00, up Rs 5.45, or 7.95 percent on the BSE.
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