Stressed-asset companies soar as SEBI eases takeover norms
Market regulator, SEBI on Wednesday said that the takeover process for the banks under the recently-introduced bankruptcy code has been relaxed, shares of the stressed-asset (debt-ridden) companies gained as much as 10%.
Stocks such as Amtek Auto gained as much as 10%, Jaiprakash Associates gained 8%, Jaypee Infratech was up by 7%, Electrosteel Steels up 6.8%, Metalyst Forgings up 6% and Bhushan Steel was up by 3%.
Last week, the RBI had identified 12 bad accounts for immediate insolvency, regarding the resolution of non-performing assets (NPAs). Bhushan Steel is among the top borrowers in the list with a gross borrowing of Rs 44,885 crore in FY16.
The RBI had earlier sent the list to the bankers in order to resolve these NPAs as soon as possible via the Insolvency and Bankruptcy Code, 2016 (IBC).
Stock view :-
Amtek Auto Ltd is currently trading at Rs 30.95, up by Rs 2.8 or 9.95% from its previous closing of Rs 28.15 on the BSE.
The scrip opened at Rs 30.8 and has touched a high and low of Rs 30.95 and Rs 30 respectively. So far 15834105(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 698.84 crore.
The BSE group 'A' stock of face value Rs 2 has touched a 52 week high of Rs 56.2 on 26-Jul-2016 and a 52 week low of Rs 21.25 on 20-Jun-2017. Last one week high and low of the scrip stood at Rs 33.85 and Rs 21.25 respectively.
The promoters holding in the company stood at 52.4 % while Institutions and Non-Institutions held 9.59 % and 38.01 % respectively.
The stock is currently trading below its 200 DMA.
Amtek Auto Ltd :-
BSE 30.95 2.80 (9.95%)
NSE 30.95 2.80 (9.95%)
Stocks such as Amtek Auto gained as much as 10%, Jaiprakash Associates gained 8%, Jaypee Infratech was up by 7%, Electrosteel Steels up 6.8%, Metalyst Forgings up 6% and Bhushan Steel was up by 3%.
Last week, the RBI had identified 12 bad accounts for immediate insolvency, regarding the resolution of non-performing assets (NPAs). Bhushan Steel is among the top borrowers in the list with a gross borrowing of Rs 44,885 crore in FY16.
The RBI had earlier sent the list to the bankers in order to resolve these NPAs as soon as possible via the Insolvency and Bankruptcy Code, 2016 (IBC).
Stock view :-
Amtek Auto Ltd is currently trading at Rs 30.95, up by Rs 2.8 or 9.95% from its previous closing of Rs 28.15 on the BSE.
The scrip opened at Rs 30.8 and has touched a high and low of Rs 30.95 and Rs 30 respectively. So far 15834105(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 698.84 crore.
The BSE group 'A' stock of face value Rs 2 has touched a 52 week high of Rs 56.2 on 26-Jul-2016 and a 52 week low of Rs 21.25 on 20-Jun-2017. Last one week high and low of the scrip stood at Rs 33.85 and Rs 21.25 respectively.
The promoters holding in the company stood at 52.4 % while Institutions and Non-Institutions held 9.59 % and 38.01 % respectively.
The stock is currently trading below its 200 DMA.
Amtek Auto Ltd :-
BSE 30.95 2.80 (9.95%)
NSE 30.95 2.80 (9.95%)
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