Stovec Industries Ltd share Price

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• Incorporated in Jun.`73 as Stovec Screens India, Stovec Industries (SIL) acquired its present name on 12 Aug.`88. SIL was promoted by A T E Enterprises. Other group companies are Trumac Engineering Company, and Erhardt & Leimer (India). SIL came out with a rights issue (premium : Rs 90) aggregating Rs 8.98 cr in Feb.`93, to finance various modernisation, diversification and expansion projects, to meet the normal capital expenditure, at a project cost of Rs 26.78 cr. The company is engaged in screens, graphics, industrial machinery, electronics and sintered metal and ferrites. Some of SIL`s customers are - DOT, DOT, ITI, etc. Its ferrite division was incurring losses and therefore it discontinued operations of its ferrites division in Apr.`96, as decided by the BIFR. SIL has tied up with Stork Screens, the Netherlands; Prestwick Circuits, Scotland, UK; Imprinta, Switzerland; and Stork Brabant, the Netherlands, etc. Presently, Stork Screens, the Netherlands, holds the majority stake of 51% in the company. The company exports to the US and Europe. SIL`s subsidiary is Stork Pumps (India). In 1999 Stormex India was merged with Stovec Industries Ltd with the approval of Mumbai High Court. During 2001-02 the company Stork N V had entered into contract for providing services in connection with the refinery project at Pennar in South India.