New Delhi: Amtek Auto surged as much as 19.3 per cent to a six-year high of Rs 264.90 on Friday, after Nomura initiates coverage on the stock with a "buy" rating and a target price of Rs 416, citing it as a leveraged play on a turnaround in the domestic automotive industry.
The company is going aggressive with its capex plan and acquisitions in the past which has not paid as a slowdown in the key markets of India and Europe led to a build-up of significant debt, the investment bank says in a report on Friday.
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