Elpro: Court go-ahead

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The stock closed at an all-time high of Rs 336.80, appreciating by 40 per cent in a week from Rs 241.20 on the BSE. The stock remained frozen at the 10 per cent upper limit of the circuit breaker in the last three trading days after the Bombay High Court sanctioned a reduction and return of the company's capital. The company will reduce its issued and paid-up share capital by 25 per cent from Rs 3.56 crore to Rs 2.67 crore.

Elpro International is in the electrical equipment business and its main focus is on lightning arresters, pellet and thyrite types and X-ray equipment for medical and industrial applications. The company also manufactures alnico magnets for domestic and industrial applications, calrod heating elements for domestic, industrial and medical applications and other electrical apparatus.

During 2006-07, the company posted a net loss of Rs 14 lakh after the sale of the its isolator division in Hyderabad to M Siemens for Rs 25 crore. The company had recorded a net profit of Rs 3.06 crore in 2005-06.