Elecon promoters hike stake

Promoters of Vallabh Vidyanagar-based Elecon Engineering, Prayas Engineering have hiked their stake in the company.  The promoters purchased around 44,500 equity shares of Rs 2 each of Elecon Engineering from open market.

Since November 2008, Prayas Engineering has so far acquired 8,26,751 equity shares of Rs 2 each in Elecon for a total value of Rs 16,53,502.  However, company officials refused to comment on any merger plans by Elecon.

One of the first companies in the country to manufacture sophisticated equipment for bulk material handling, Elecon Engineering also produces power transmission solutions.  

The company's product range includes designing, engineering, manufacturing, supply, erection and commission of wagon tipplers, bucket wheel stacker or reclaimers, barrel-type blender reclaimers, fertilizer reclaiming scrapers, limestone pre-homegenizing and blending plants etc.

Catering to clients like Reliance Energy, NTPC, Sail, Indian Railways, Gujarat Ambuja and Neyveli Lignite, Elecon's revenues come mostly from mining, cement and power generation sectors.  The company registered a turnover of close to Rs 840 cr in the financial year 2007-08.