Shares of Autoline Industries Ltd (AIL) were locked in 10 per cent upper circuit with no sell quotes in the BSE today.

The company, however, has clarified that it did not have any information that would drive the stock price up. But the promoter’s stake in the company is less than 30 per cent.

The stock was up by Rs 11 at Rs 122.10 in the BSE today, a gain of 10 per cent. The counter had witnessed a trading volume of 3.44 lakh shares about 15 minutes before trading was to close today in the BSE. The normal two-week trading volume is about 1.41 lakh shares. There were buy quotes for about 49,000 shares with no sell quotes.

The stock has rallied by over 100 per cent in three weeks since touching a yearly low of Rs 60.05 on March 28. It is not clear what was driving the stock price.

The AIL management in a statement to the exchanges has clarified that there was “no such information or event having bearing on the price of the shares” and AIL “has been carrying on its normal business activities”. It is involved in the production of auto parts/ sheet metal components for the entire gamut of automotive vehicles, including cars, SUVs, CVs, two- and three-wheelers.

However, reflecting the tough environment that the auto sector is generally facing, the company’s financial performance also was under stress in Q3 of 2012-13 FY. Its net sales came down to Rs 139.33 crore compared to Rs 156.63 crore in the same quarter in the previous fiscal. But it posted a net loss of Rs 1.56 crore in the quarter ending December 31, 2012, compared to a net profit of Rs 7.75 crore in the same period in the previous fiscal.

Of the Rs 12.24 crore equity share capital, the holding of the promoters is only 29.45 per cent with the public shareholding at 70.55 per cent.

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