Autoline Inds spurts after selling Pune land

Autoline Industries rose 13.13% to Rs 83.55 at 11:29 IST on BSE after the company said it entered into an agreement to sell its manufacturing unit in Pimpri, Pune.

The announcement was made after market hours on Friday, 4 August 2017.

Meanwhile, the S&P BSE Sensex was up 28.31 points, or 0.09% to 32,353.72.

On the BSE, 2.14 lakh shares were traded in the counter so far, compared with average daily volumes of 24,980 shares in the past one quarter. The stock had hit a high of Rs 84.50 so far during the day, which is also a 52-week high for the counter. The stock had hit a low of Rs 76.15 so far during the day. The stock hit a 52-week low of Rs 44 on 22 November 2016.

The stock had outperformed the market over the past one month till 4 August 2017, rising 32.82% compared with 3.05% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 24.01% as against Sensex's 8.26% rise. The scrip had also outperformed the market in past one year, rising 44.95% as against Sensex's 15.13% rise.

The small-cap company has equity capital of Rs 16.03 crore. Face value per share is Rs 10.

Autoline Industries said it will utilise the sale proceeds to settle the debt that has a charge on the Pimpri land holding and reduce overall debt exposure of the company. The activities of the company's Pimpri unit will now shift to its Chakan facility in Pune, it said.

The company believes that the consolidation of facilities will accrue substantial operational efficiency, cost savings, and smoothening of supply chain management by utilizing the available resources in Chakan Unit.

On a consolidated basis, Autoline Industries reported net loss of Rs 2.64 crore in Q4 March 2017 as against net loss of Rs 1.24 crore in Q4 March 2016. Net sales rose 26.06% to Rs 109.22 crore in Q4 March 2017 over Q4 March 2016.

Autoline Industries is an 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 original equipment manufactures in the automobile industry.

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