India's Elecon Engineering hits upper circuit on arbitration win

Elecon Engineering

05/09/2019 05:40

** Shares of Elecon Engineering Company Ltd  ELCN.NS  hit
upper trading circuit after rising as much as 9.9% to 33.3
rupees, their biggest intraday percentage gain since May 15
    ** Industrial equipments maker won an arbitration award
against BGR Energy Systems  urn:newsml:reuters.com:*:nFWN25V0JW
    ** Arbitral Tribunal has passed the awards in favour of the
co aggregating to 375.7 mln rupees ($5.26 million) plus interest
from the date of award till their realization, co said in a
statement https://www.bseindia.com/xml-data/corpfiling/AttachLive/8505fd9c-d7dd-4487-b804-0432a1e6f04e.pdf
    ** As of last close, stock down 57% this year

($1 = 71.4920 Indian rupees)

 (Reporting by Harish Bhaskar in Bengaluru)
 ((Harish.Bhaskar@thomsonreuters.com; +91 9886782831; Reuters
Messaging: harish.bhaskar.thomsonreuters.com@reuters.net))