Autoline Inds hits roof after unit gets clearance for township project

Autoline Industries hit an upper circuit limit of 5% at Rs 103.15 at 10:32 IST on BSE after the company said its unit received environmental clearance for its township project in Pune.

The announcement was made after market hours on Friday, 24 November 2017.

Meanwhile, the S&P BSE Sensex was down 55.15 points, or 0.16% to 33,624.09.

On the BSE, 2,556 shares were traded in the counter so far, compared with average daily volumes of 22,000 shares in the past two weeks. The stock opened with an upward gap of 5% at Rs 103.15 and remained stuck at that level so far. The stock hit a 52-week high of Rs 103.15 on 27 November 2017. The stock hit a 52-week low of Rs 46.50 on 29 December 2016.

Autoline Industries announced that its subsidiary, Autoline Industrial Parks, on 23 November 2017, has received environmental clearance from Ministry of Environment, Forest and Climate Change, New Delhi for the proposed special township project of the subsidiary company spread in its 104 acre land located at Mahalunge, Chakan, Pune under the provisions of the Environment Impact Assessment (EIA), Notification 2006 under the Environment (Protection) Act, 1986.

The said approval was the prime and vital requirement to proceed further with the project. After receipt of this significant approval the subsidiary company is confident to commence the project development activities soon, the company said in a statement.

On a consolidated basis, Autoline Industries reported net loss of Rs 16.95 crore in Q1 June 2017 as against net loss of Rs 16.63 crore in Q1 June 2016. Net sales rose 10.20% to Rs 74.10 crore in Q1 June 2017 over Q1 June 2016.

Autoline Industries is a medium-sized engineering and auto ancillary company, manufacturing sheet metal components, sub-assemblies and assemblies, foot control modules, parking brakes, hinges, cab stay and cab tilt, exhaust systems, tubular structures, fabrications, etc. for large OEMs in the automobile industry.

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