Hercules Hoists gains as its arm signs agreement with Consolidated Hoists
Hercules Hoists is currently trading at Rs. 612.65, up by 6.05 points or 1.00% from its previous closing of Rs. 606.60 on the BSE.
The scrip opened at Rs. 609.20 and has touched a high and low of Rs. 612.65 and Rs. 603.55 respectively. So far 62 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 1 has touched a 52 week high of Rs. 655.05 on 15-Jul-2024 and a 52 week low of Rs. 284.25 on 26-Oct-2023.
Last one week high and low of the scrip stood at Rs. 621.60 and Rs. 580.00 respectively. The current market cap of the company is Rs. 1941.12 crore.
The promoters holding in the company stood at 69.61%, while Institutions and Non-Institutions held 1.71% and 28.68% respectively.
Hercules Hoists’ wholly owned subsidiary--Indef Manufacturing has signed an Intellectual Property Rights (IPR’s) purchase agreement with Consolidated Hoists (CHPL), Pune. The main purpose of the agreement is to acquire Swift trademark, domains, designs and any other related data of their hoists, crane and its service business. Lumpsum fee of Rs 4.625 crore, to be paid in the manner as agreed between parties. The deal gives the company the opportunity to expand market reach of hoists and crane business.
Hercules Hoists, a part of the Bajaj group, one of the India’s prime business houses was established in 1962 is a manufacturer of material-handling equipment.
