Heard on the Street: Autoline Industries hits upper circuit on Amtek Auto buyout talk

Shares of Autoline Industries, an auto component maker, were locked at the 10% upper circuit of Rs 184.35 on Tuesday on speculation Amtek Auto may buyout the company.

In response to an email query, Autoline, where billionaire investor Rakesh Jhunjhunwala and his wife Rekha jointly own 10.25%, said, “We don’t respond to market speculation and we always keep the Bombay Stock Exchange Ltd and National Stock Exchange of India Ltd informed of developments which need to be reported as per listing agreement.”

Amtek Auto did not respond to an email query. Talk of Autoline being on the block has been doing the rounds in the past six months.