7/08/2017
PUNE: Autoline Industries rose 13.13% to Rs 83.55 at
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.
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.
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