Net profit of ISGEC Heavy Engineering declined 37.39% to Rs 28.80 crore in the quarter ended September 2018 as against Rs 46.00 crore during the previous quarter ended September 2017. Sales rose 57.33% to Rs 1005.71 crore in the quarter ended September 2018 as against Rs 639.25 crore during the previous quarter ended September 2017.

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ISGEC Heavy Engineering will hold a meeting of the Board of Directors of the Company on 13 November 2018.

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ISGEC Heavy Engineering announced that its subsidiary, Isgec Canada Inc. has on 18 September 2018, acquired 100% stake in Eagle Press and Equipment Co., Canada and its group companies.

This company manufactures Mechanical Presses and related equipment, and sells its machines to customers in USA, Canada and Mexico. The turnover of Eagle Press and Equipment Co in the year 2017 has been about Canadian Dollars 30 million.

The initial Purchase Price paid is Canadian Dollars 14.35 million (approximately Rs.79 crore). An additional Purchase Price ofup to Canadian Dollars 6 million (approximately Rs.33 crore) may have to be paid on the basis of performance of the acquired entity in the next two years. The consideration has been financed by equity contribution from its surplus funds and loan in foreign currency obtained by Isgec Canada Inc. in Canada on the guarantee of Isgec Heavy Engineering.

Subsequent to the acquisition, the acquired company has been amalgamated with Isgec Canada. Inc. and the amalgamated company has been renamed as Eagle Press and Equipment Company.

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Net profit of ISGEC Heavy Engineering rose 82.92% to Rs 30.95 crore in the quarter ended June 2018 as against Rs 16.92 crore during the previous quarter ended June 2017. Sales rose 44.44% to Rs 714.19 crore in the quarter ended June 2018 as against Rs 494.44 crore during the previous quarter ended June 2017.

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