Autoline Industries climbs nearly 9% after Maharashtra clears more subsidy

The company received an amount of Rs 14.50 crore on July 8.

Autoline Industries shares rallied 8.8 percent intraday on July 10 after Maharashtra government approved the company's additional IPS claim earlier this week.


The auto ancillary company said as per the revised Eligibility Certificate, the Government of Maharashtra has approved additional Industrial Promotion Subsidy claim of Rs 44.61 crore.

Of the approved amount, the company received Rs 14.50 crore on July 8.

With this amount, Autoline received a total of Rs 35.12 crore in three tranches. The remaining amount is expected shortly, it said.

The amount is in relation to the Industrial Promotion Subsidy (IPS) for Mega Project under Package Scheme of Incentive 2007 of Government of Maharashtra (VAT/CST subsidy).

The stock was quoting at Rs 53.60, up to Rs 3.15, or 6.24 percent amid high volumes on the BSE at 1347 hours IST.

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