Shares of Autoline Industries shot up sharply after the company said it had bagged an order from Tata Motors.
What Happened: In an exchange filing on Wednesday, the company said that Tata Motors Passenger Vehicle has placed an order for the manufacturing tools and supply of sheet metal parts and assemblies.
The size of the one-time order is estimated at around ₹204 crore — ₹147 crore annually for parts and ₹57 crore for tooling, the company added in the filing.
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The stock rocketed as soon as the announcement was made going up over 12% to hit an intraday high of ₹148.50.
With a market cap of around ₹550 crore, the company is a medium-sized engineering and auto ancillary firm that manufactures a range of products for large original equipment manufacturers in the automobile industry.
Its offerings include sheet metal components, sub-assemblies and assemblies, foot control modules, parking brakes, hinges, cab stays and cab tilts, exhaust systems, tubular structures and fabrications.
Price Action: Shares of Autoline Industries moderated after initial surge to trade 7.95% at ₹142 at the time of writing on Wednesday.
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