Elgi Equipments Ltd Share Price – NSE  /  BSE

Capital Goods-Non Electrical Equipment, Small Cap

Elgi Equipments announced that N Mohan Nambiar, (DIN: 00003660) will retired as an Independent Director of the Company with effect from 10 April 2024, upon his attaining the age of 75.

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Jayakanthan will continue to serve on the rolls of the company in the position of senior managerial personnel until 31 May 2024, on which date he will superannuate from the company.

The company’s board, based on the recommendation of the Nomination and Remuneration Committee and the Audit Committee, has approved the appointment of Indranil Sen as CFO and key managerial personnel of the company effective from 18 March 2024.

Indranil is a finance leader with years of experience across audit firms, IT, and pharmaceuticals. He was last associated with Biocon.

Elgi Equipments is engaged in manufacturing of air compressors. It has reported 4.8% rise in consolidated net profit to Rs 83.88 crore on 6.4% increase in revenue to Rs 821.83 crore in Q3 FY24 over Q3 FY23.

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Elgi Equipments Ltd gained 2.45% today to trade at Rs 698.95. The S&P BSE Capital Goods index is up 0.82% to quote at 59323.75. The index is up 4.65 % over last one month. Among the other constituents of the index, Timken India Ltd increased 2% and CG Power & Industrial Solutions Ltd added 1.4% on the day. The S&P BSE Capital Goods index went up 73.5 % over last one year compared to the 25.4% surge in benchmark SENSEX.

Elgi Equipments Ltd has added 13.78% over last one month compared to 4.65% gain in S&P BSE Capital Goods index and 2.96% rise in the SENSEX. On the BSE, 1356 shares were traded in the counter so far compared with average daily volumes of 29476 shares in the past one month. The stock hit a record high of Rs 703.4 on 08 Feb 2024. The stock hit a 52-week low of Rs 416.5 on 29 Mar 2023.

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For geographies other than India, DVP and company will discuss the manner and method of engaging with each other.

DVP has provided the company with an exclusive, non-transferable right to the Company to manufacture and sell the Vacuum Products in India.

Vacuum Products comprise of oil-free and oil-lubricated rotary vane type vacuum pumps with possibility to add other types in due course, with mutual consent.

The company would pay DVP a lumpsum fee towards transfer of technical information and training. Further, a royalty will be paid to DVP for usage of DVP’s patents, other industrial and intellectual property rights and technical information, as per the terms and conditions mentioned in the agreement.

The term of the agreement shall be maximum period of eight years from the effective date of the agreement.“The collaboration gives us the opportunity to expand our offering to include vacuum products,” Elgi Equipments stated in an exchange filing.

Elgi Equipments is engaged in manufacturing of air compressors.

The company has reported 4.77% rise in consolidated net profit to Rs 83.88 crore on a 6.39% increase in sales to Rs 821.83 crore in Q3 FY24 over Q3 FY23.

The scrip shed 0.89% to currently trade at Rs 643 on the BSE.

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