India's Autoline Industries up over 16% on order win from Tata Motors

Autoline Industries

02/06/2023 05:59

** Shares of Autoline Industries Ltd  AUIN.NS  up as much as
16.5% at 75.20 rupees, their biggest intraday pct rise since
March 21
    ** Stock at highest level since May 2
    ** Auto components maker on Thursday said it received offer
from Tata Motors Ltd  TAMO.NS  to set up a facility in Sanand,
Gujarat to cater with automobile parts 
    ** Order worth 1.20 bln rupees ($14.6 mln) for FY 2024-25,
to scale up to 2 bln rupees p.a. for FY 2025-26 onwards - AUIN
    ** Says investment required to set up plant approx 500 mln
rupees 
    ** Over 443,000 shares change hands by 10:16 a.m. IST, 7.9x
the 30-day moving avg 
    ** As of last close, stock down ~18% so far this year



($1 = 82.3515 Indian rupees)

 (Reporting by Kashish Tandon in Bengaluru)
 ((Kashish.tandon@thomsonreuters.com))