Sunday , October 17 2021

Elecon Engineering touches the roof on getting arbitration award worth Rs 37.57 crore

Elecon Engineering Company is currently trading at its upper limit of Rs. 33.25, up by 3.00 points or 9.92% from its previous closing of Rs. 30.25 on the BSE.

The scrip opened at Rs. 32.00 and has touched a high and low of Rs. 33.25 and Rs. 32.00 respectively. So far 4652 shares were traded on the counter.

The BSE group ‘B’ stock of face value Rs. 2 has touched a 52 week high of Rs. 74.80 on 11-Jan-2019 and a 52 week low of Rs. 24.95 on 02-Aug-2019.

Last one week high and low of the scrip stood at Rs. 33.25 and Rs. 28.25 respectively. The current market cap of the company is Rs. 373.06 crore.

The promoters holding in the company stood at 58.68%, while Institutions and Non-Institutions held 3.96% and 37.36% respectively.

Elecon Engineering Company has received favorable decision from Arbitral Tribunal at Chennai on arbitration award aggregating to Rs 37.57 crore. The Tribunal directed BGR Energy Systems to return the bank guarantees as submitted by the Company.

Earlier, the company had initiated arbitration proceedings before Arbitral Tribunal against BGR Energy Systems for recovery of various dues to the Company.

Elecon Engineering Company is engaged in delivering power transmission solutions and material handling equipment.

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