Autoline gains on debut

DALAL STREET SPIKES

Though Autoline Industries listed at Rs 230 "" at a minor premium over its issue price of Rs 225 "" it touched a level of as high as Rs 287.7 and closed with a premium of 15 per cent at Rs 257.95.

Amid volatility, over 57 lakh shares were traded on the counter. The stock discounts its annualised nine-month ended earnings at 24.3 times.

The company supplies complex sheet metal assemblies and sub-assemblies to Tata Motors, Bajaj Auto, Kinetic Engineering, M& M, Walker Exhaust and Fiat India.

It is also the single-source supplier of load bodies for Tata's mini truck Ace. It raised money from the primary market for setting up a new unit in Chakan and expansion of current capacities.