Autoline Industries clarifies on news regarding order, acquisition

With reference to the news item appearing in a leading web-portal titled "Autoline Industries may bag $ 20 mln order from Cummins; Eyeing acquisition, Deal size seen at Rs 300-400 Cr", Autoline Industries Ltd has clarified that the Company is having negotiations with various parties for exports. The Company had several negotiations and after visits at senior levels are at final stages of receiving the final order from Cummins International. The said order is not yet received in Company's hand.

As regards acquisition plans, after the Stokota deal did not materialise, the Company has been looking at other offers synergetic to its operations. However as the due diligence / terms are not finalized with any of them, the Company has no comments to offer at this stage.

The stock closed the day at Rs.203.35, up by Rs.18.45 or 9.98%. The total traded quantity was 134207 compared to 2 week average of 32596. The stock hit an intraday high of Rs.214.85 and low of Rs.185.10.

Source : Equity Bulls

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