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AIA Engineering shines on entering into settlement agreement with MI

18 Dec 2013 Evaluate

AIA Engineering is currently trading at Rs. 463.05, up by 1.50 points or 0.32% from its previous closing of Rs. 461.55 on the BSE.

The scrip opened at Rs. 462.35 and has touched a high and low of Rs. 477.60 and Rs. 461.05 respectively. So far 2709 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 484.00 on 16-Dec-2013 and a 52 week low of Rs. 275.00 on 24-May-2013.

Last one week high and low of the scrip stood at Rs. 484.00 and Rs. 443.00 respectively. The current market cap of the company is Rs. 4422.21 crore.

The promoters holding in the company stood at 61.65% while Institutions and Non-Institutions held 33.22% and 5.13% respectively.

AIA Engineering has entered into settlement agreement with Magotteaux International (MI) Belgium, to avoid uncertainty of the outcome of further litigation and legal and other expense including of the current ongoing litigation and to resolve the dispute amicably and avoid further damages and litigation costs.

Further the Company has informed that, pursuant to the said Settlement Agreement entered into with MI, the Company has paid $6.00 million on December 16, 2013 to MI in consideration of the dismissal of the litigation and mutual release from claims among the parties.

Earlier, as on September 19, 2013 wherein the Company had informed that in a Patent infringement action between Magotteaux International (MI) Belgium and the Company, involving Sintercast products in USA, the United States District Court had passed a judgement awarding damages of approximately $7.2 Million.

AIA Engineering is engaged in business of designing, developing, manufacturing, installing and servicing of high chromium wear, corrosion and abrasion resistant parts. These products are mainly used by cement, mining and thermal power generation industries.

AIA Engineering Share Price

3958.20 34.05 (0.87%)
17-Apr-2026 16:59 View Price Chart
Peers
Company Name CMP
AIA Engineering 3958.20
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