Investors lapped up shares of Amtek Auto on Tuesday after the subsidiary of auto ancillary company acquired German-based forging company. The stock shot up 8.3 percent intraday.
"The company has acquired German-based Scholz Edelstahl GmbH through its 100 percent Singapore-based subsidiary Amtek Precision Engineering Pte Limited," said the company in its filing to the exchange.
Scholz is a high quality hot die forgings manufacturer for the auto and non-auto component industries. It is also engaged in the special steel trading business which will enable backward integration with all of Amtek Group's international business, it added.
Scholz, which has annual turnover of euro 175 million, is the 19th acquisition of Amtek Group.
Recently, Amtek Auto successfully integrated acquired Neumayor Tekfor and Kuepper Group. In Q3FY15, profit of the company climbed 42 percent to Rs 74.3 crore due to contribution from Neumayor Tekfor.
At 10:46 hours IST, the scrip of Amtek Auto was quoting at Rs 155.30, up Rs 6.60, or 4.44 percent on the BSE.
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