Elecon Engineering Company Ltd
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BSE Code:
505700
NSE Code:
ELECON
Business Profile
Business Profile
Elecon Engineering Company (ELEENGCO) was established in the year 1951. The company is located at Gujarat. The company manufactures mechanical handling equipment. Currently, it operates in three areas; namely material handling plants, industrial gears, and windmills.
The company`s product range includes designing, engineering, manufacturing, supply, erection and commission of wagon tipplers, bucket wheel stacker or reclaimers, barrel-type blender reclaimers, fertilizer reclaiming scrapers, limestone pre-homegenizing and blending plants etc.
The company`s key customers are Reliance Energy, NTPC, SAIL, Indian Railways, Gujarat Ambuja and Neyveli Lignite. Majority of the company`s revenues come from mining, cement and power generation sectors.
Eimco Elecon (India), a joint venture with Environtech Corporation, USA is into manufacturing underground manufacturing machinery. Some of the company`s major clients are Coal India, Uranium Corporation of India, Bharat Gold Mines, Hindustan Copper, Hindustan Zinc, Larsen & Toubro etc.
In material handling, the company undertakes turnkey operations of equipment like conveyors, wagon tipplers, stackers and reclaimers, crushers, feeders, scrapers, cable reeling drums, wagon and ship loaders, foundry products and gears and couplings and is also engaged in executing turnkey contracts in coal handling plants. The gear division manufactures helical gears, worm gears, couplings, special gears and geared motors.
Elecon is the first company in India to have manufactured sophisticated equipment for bulk material handling.
Financials
The company announced a steep drop in standalone net profit for the quarter ended December 2008. During the quarter, the profit of the company declined 24.56% to Rs 125.11 million from Rs 165.85 million in the same quarter last year. Net sales for the quarter rose 33.16% to Rs 2,466.62 million, while total income for the quarter rose 31.83% to Rs 2,466.62 million, when compared with the prior year period. It posted earnings of Rs 1.35 a share during the quarter, registering 60.06% decline over prior year period.
Recent Developments
13-JAN-09
The company has announced that Emtici Engineering, promoter of the company, have purchased total 60,000 equity shares of Rs 2 each of Elecon Engineering on Jan. 09, 2009 from open market.
19-DEC-08
The company has announced that Prayas Engineering, promoter of the company, have purchased total 88,500 equity shares of Rs 2 each of Elecon Engineering Company on Dec. 18, 2008 from open market.
18-DEC-08
The company has announced that Prayas Engineering, promoter of the company has purchased total 70,000 equity shares of Rs 2 each of Elecon Engineering Company on Dec. 17, 2008 from open market.
17-DEC-08
The company has announced that Prayas Engineering, promoter of the company, have purchased total 53,500 equity shares of Rs 2 each of Elecon Engineering Company on Dec. 16, 2008 from open market.
10-DEC-08
Prayas Engineering, promoter of the company has purchased total 44,500 equity shares of Rs 2 each of the company on Dec. 08, 2008 from open market.
02-DEC-08
Prayas Engineering, promoter of the company has purchased 74,000 equity shares of Rs 2 each of Elecon Engineering Company on Dec. 1, 2008 from open market.
18-NOV-08
The company has today, Tuesday announced that its promoter, Prayas Engineering has acquired 35,442 equity shares of Rs 2 each of the company.