India's Automotive Axles jumps on Cummins Inc open offer

Automotive Axles

11/10/2022 06:59

** Shares of Automotive Axles Ltd  ATOA.NS  rise as much as
9.7% to 2,198.85 rupees, their biggest intraday pct gain since
July 4
    ** According to an exchange filing on Tuesday, auto parts
maker Cummins Inc  CMI.N  made an open offer to buy up to 26%
stake in ATOA
    ** Offer made at a price of 1,504.43 rupees per share
    ** More than 177,000 shares traded as of 0556 GMT, 7.2X
their 30-day moving avg of 24,566 shares 
    ** One brokerage rates the stock "strong buy" and 1 "buy";
their median PT is 2,389 rupees - Refinitiv data
    ** Shares up 27.6% YTD, as of last close
 (Reporting by Meenakshi Maidas in Bengaluru)
 ((meenakshi.maidas@thomsonreuters.com;))