Autoline rallies on subsidiary formation

DALAL STREET SPIKES

Autoline Industries gained 6.39 per cent to close at Rs 172.20. The company has announced the formation of a wholly owned subsidiary in the USA, which would function as a company for acquisitions and takeovers abroad.

The company also announced the 100 per cent acquisition of the jack and tool kit of Dura Automotive Systems, USA. DURA's jack and tool kit business has a plant in US, employing about 140 people, with annual revenues of about $25 million. The stock has gained 10.6 per cent in the last one week.