Autoline Industries receives approval for IPS

The Government of Maharashtra has extended its approval for additional Industrial Promotion Subsidy (IPS) of Autoline Industries to the tune of Rs. 44.61 crore.

Of this total approved amount, the company has received Rs. 8.35 crore on April 5, 2019 in first tranche.

Earlier, the Government was in receipt of additional subsidy claim submitted by the company.

Autoline Industries manufactures various auto parts and sheet metal components for passenger cars, sports utility vehicles (SUV), commercial vehicles, two-wheelers, three-wheelers, tractors, etc. It also exports auto parts, i.e. brake shoes for Mercedes Benz trailers to Saudi Arabia, Dubai, etc.

On Thursday, the shares of Autoline Industries opened at Rs. 50.05, and hit a high and low of Rs. 50.05 and Rs. 49.65. The stock closed at Rs. 50.00, up 0.70 per cent.