Autoline Industries has frozen at the upper circuit of 20%, at Rs 112, for the second consecutive day on the back of huge volumes. The stock has rallied 47% in past three trading days on the Bombay Stock Exchange (BSE).
As many as 672,522 shares have changed hands on the counter so far, against an average 50,000 shares traded daily in the past two weeks. There are pending buy orders for 207,787 shares on the BSE and the NSE.
On November 14, company's board of directors proposed to set up a manufacturing facility at Dharwad for Tata Motors Ltd's capacity expansion for IRIS and ZIP and other new models. The business expected to be generated is approximately Rs 200 crore a year, starting from FY13.
“After receiving the letter of intent from the government of Maharashtra for mega project status, Autoline has submitted required documents for getting the eligibility certificate. The company plans to submit the claim for getting the various benefits under package scheme of incentives (PSI) 2007, starting from October 2009 to March 31, 2011, and then every financial year," the company said in a filing to the stock exchanges.
