Elgi Equipments trades higher as its arm inks manufacturing agreement with VTEQ
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Elgi Equipments is currently trading at Rs. 372.90, up by 3.60 points or 0.97% from its previous closing of Rs. 369.30 on the BSE.
The scrip opened at Rs. 372.90 and has touched a high and low of Rs. 378.70 and Rs. 370.75 respectively. So far 10088 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 422.70 on 08-Feb-2022 and a 52 week low of Rs. 191.60 on 27-Aug-2021.
Last one week high and low of the scrip stood at Rs. 377.00 and Rs. 353.80 respectively. The current market cap of the company is Rs. 11947.47 crore.
The promoters holding in the company stood at 31.32%, while Institutions and Non-Institutions held 32.93% and 35.75% respectively.
Elgi Equipments’ wholly-owned subsidiary -- ATS ELGI has inked manufacturing agreement with VTEQ, a global leader in vehicle testing equipment based out of Spain. With this partnership, ATS ELGI will set up a world-class 7,500 square feet facility to manufacture previously imported vehicle testing equipment for the Indian market at competitive prices.
The equipment spans brake, suspension, slip, and speedo testers, axle play detectors, and steering gear play. For several years, all of these products were imported into the country. With this breakthrough agreement, the company will now manufacture proven products in the country and offer them to customers at affordable prices.
Elgi Equipments is a holding company and an air compressor manufacturer. The company’s segments include Compressors, Automotive Equipments and Others.
