The company made the announcement during trading hours today, 16 May 2013.
Meanwhile, the S&P BSE Sensex was up 51.04 points or 0.25% at 20,264.
On BSE, 20,236 shares were traded in the counter as against average daily volume of 3,803 shares in the past one quarter.
The stock hit a high of Rs 88.50 and a low of Rs 74 so far during the day. The stock had hit a record low of Rs 72.25 on Wednesday, 15 May 2013. The stock had hit a 52-week high of Rs 179.50 on 18 May 2012.
The stock had underperformed the market over the past one month till 15 May 2013, sliding 19.49% compared with the Sensex's 10.11% rally. The scrip had also underperformed the market in past one quarter, declining 45.5% as against Sensex's 3.83% rise.
The small-cap company has equity capital of Rs 50.47 crore. Face value per share is Rs 10
Tecpro Systems during trading hours today, 16 May 2013 said that it has on 13 May 2013, entered into a license agreement with Mitsubishi Heavy Industries Mechatronics Systems (MHI-MS)of Kobe, a wholly owned subsidiary of Mitsubishi Heavy Industries (MHI) to exclusively collaborate for manufacturing of electrostatic precipitator (ESP) for the Indian market and jointly market their combined expertise in India.
Under this collaboration, MHI-MS shall provide technical support including design & drawings, material procurement, ESP manufacturing procedures, quality control, engineering expertise & training to Tecpro Systems. The ESP will be branded as manufactured by Tecpro Systems under Technical collaboration with MHI-MS, Tecpro Systems said in a statement.
Commenting on the development, Mr. Amul Gabrani, Vice-Chairman & MD, Tecpro Systems said, "We are pleased to announce the technical collaboration with MHI-MS for manufacturing of ESP for the Indian market. ESP is a product which is mandatory in a thermal power plant to control dust emissions and is an important part for environmental protection measures undertaken by all process industries like steel, power, cement, paper and fertilizer etc. In view of stringent pollution control norms, we are optimistic that there will be a huge demand for ESP in India as there is an increased focus on environmental preservation".
Also, Tecpro Systems said it has received orders worth Rs 2550 crore in the year ended 31 March 2013 (FY 2013), as against orders worth Rs 2150 crore in the year ended 31 March 2012 (FY 2012).
Tecpro Systems' net profit fell 65.5% to Rs 5.07 crore on 4.1% decline in net sales to Rs 599.47 crore in Q3 December 2012 over Q3 December 2011.
Tecpro Systems is an engineering, procurement and construction (EPC) company. The company designs, engineers, manufactures, sells, commissions and services a range of systems and equipment to provide turnkey projects for the core infrastructure related sectors like power, steel, cement and other industries.
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