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Electrosteel Steels Ltd.

BSE: 533264 | NSE: ELECTROSL |

Shares falling in the `Trade-to-Trade` or `T-segment` are traded in this series and no intraday is allowed. This means trades can only be settled by accepting or giving the delivery of shares.
Series: BE | ISIN: INE481K01021 | SECTOR: Steel - Medium & Small

BSE Live

Dec 12, 16:00
31.05 -1.60 (-4.90%)
Volume
AVERAGE VOLUME
5-Day
4,063
10-Day
35,876
30-Day
34,567
17,202
  • Prev. Close

    32.65

  • Open Price

    31.05

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

Dec 12, 15:59
31.00 -1.60 (-4.91%)
Volume
AVERAGE VOLUME
5-Day
18,775
10-Day
63,583
30-Day
71,984
56,394
  • Prev. Close

    32.60

  • Open Price

    31.00

  • Bid Price (Qty.)

    31.00 (335)

  • Offer Price (Qty.)

    0.00 (0)

Company History - Everest Industries
YEAR                       EVENTS
 1934 - The Company was Incorporated in the name and style Asbestos
        Cement Ltd., as a private limited company under the Indian
        company's Act, VII of 1913 with two corporate shareholders
 viz.,
        C.P. Cement Co. Ltd., (which subsequently in 1936 merged with
        other companies to form Associated Cement Companies Ltd.) and
        Turner & Newall Ltd., U.K.
 
      - The company's object is to manufacture asbestos cement
 sheeting
        products such as corrugated roofing sheets, corrugated curved
        tanks, roofing extractors, etc., as well as accessories for
        roofing sheets.  The products are marketed under the brand
 name
        EVEREST.
 
      - The name of the company was changed to Asbestos Cement (Pvt.)
 Ltd
        as required under the Companies Act, 1956.  The name was
 again
        changed to Asbestos Cement Ltd., in 1960 when the Company
 became
        a deemed public limited company under Section 43A of the 
        Company's Act, 1956.
 
      - The Company was the first to set up facilities for the 
        manufacture of asbestos cement roofing sheets in India with
 the
        commissioning of its first factory in May at Kymore in Madhya
        Pradesh (formerly Central Provinces).  The manufacturing
        business was expanded progressively by establishing a second
        sheeting factory at Mulund (Mumbai) in 1937, a third factory
 at
        Calcutta in October 1938 and a fourth factory at Podanur near
        Coimbatore in Tamil Nadu in November 1953.
 
      - Issued 9,500 shares (1,500 shares without payment in cash) to
        Turner & Nowall Ltd. U.K. and 2,000 shares to Associated
 Cement
        Companies Ltd.
 
 1937 - 17,500 rights shares issued at par in prop. 7:4.
 
 1938 - 6,500 rights shares issued at par in prop. 13:5 on 27th
 January,
        and 6,000 rights shares issued at par in prop. 6:34 on 28th
        April.
 
 1939 - 18,500 rights shares issued at par in prop. 37:80 on 27th
 July.
 
 1953 - 40,000 bonus shares issued in prop. 2:3 on 15th January.
 
 1954 - 50,000 bonus shares issued at par in prop. 1:2 on 4th March.
 
 1957 - A second sheeting plant was installed in the Kymore factory.
        Plants for the manufacture of pipes were added at all these
        factories between 1938 and 1963.
 
      - The Company has research facilities at Kymore and Mumbai.  
        Research and development activities are being carried out in
        close cooperation with the Research and Development units of
        Turner & Newall Plc., U.K.
 
      - 35,000 rights shares issued at par in prop. 7:30 on 6th
 March.
 
 1966 - By October, the capital of the Company increased to 2,46,667
 No.
        of equity shares of Rs.100 each through a series of rights
 issue
        and two bonus issues out of which Turner & Newall Ltd., U.K.
        held 1,86,900 No. of equity shares and ACC held 59,767 No. of
        equity shares.
 
      - 61,667 bonus shares issued in prop. 1:3 on 11th October.
 
 1981 - The Company set up a full-fledged Research centre at
 Bangalore
        to enlarge and intensify its efforts in the areas of
 development
        of partial substitutes for asbestos fibre, recycling of
 waste,
        optimising the use of raw materials, development of newer
 better
        products as well as production techniques.
 
 1983 - On 3rd October, Turner & Newall Ltd., U.K., transferred with
 the
        approval of the Reserve Bank of India, 45 fully paid equity 
        shares of Rs.100 each in the Company to each of six Indian 
        directors and three senior executives of the Company ie.,
 totally
        45 No. of equity shares at Rs.225 per share.
 
      - Thus by 3rd October out of the capital of 2,46,667 No. of
 equity
        shares of Rs.100 each of the Company, ACC held 64,167 No. of
        equity shares and Turner & Newall International Ltd., U.K.,
 held
        1,82,455 No. of equity shares and the balance 45 No. of
 equity
        shares were held by 6 Indian directors and 3 senior executives
 of
        the Company.
 
      - Equity shares were subdivided into shares of Rs.10 each on
 10th
        October.  After the offer for sale during November, the
 equity
        shareholding of Turner & Newall International Ltd., U.K., was
        reduced to 12,20,000 No. of equity shares of Rs.10 each or
 49.5%.
 
      - With effect from 24th October, the name of the Company was
        changed from Asbestos Cement Ltd., to Everest Building
 Products
        Ltd.  The name of the company was again changed with effect
 from
        18th September, 1990 to Eternit Everest Ltd. to reflect the
        company's association with Belgian Eternit Group.
 
      - During November, Turner & Newall International Ltd., U.K.,
        offered for sale out of its holdings, 6,04,550 No. of equity
        shares of Rs 10 each of the Company at a premium of Rs 12.50
 per
        share.
 
      - Out of this, 56,150 shares were reserved and offered on a
        preferential basis to employees and Indian directors of the
        Company, their relatives and friends, resident in India (only
        42,300 shares were taken up).
 
      - The balance 5,48,400 shares along with the unsubscribed
 portion
        of 13,850 shares out of the reserved quota i.e., 5,62,250
 shares
        were offered for sale to the public.  After this offer for
 sale,
        the holding of Turner & Newall International Ltd., U.K., was
        reduced from 74% to 49.5%.
 
 1986 - Though production increased, the sales tonnage was marginally
        lower than the previous year mainly due to non-availability
 of
        materials from the Mulund unit where the operations remained
        suspended till 20th June.
 
      - The Company entered into a 10 year technical collaboration 
        agreement with T & N Materials Research Ltd., U.K. for 
        upgradation of the existing technology as well as for gradual
        introduction of product range using alternative fibres.
 
 1988 - Intermittent strike in certain departments at Mulund works
        continued throughout the year resulting in loss of
 production.
 
      - Turner & Newall International Ltd., U.K., transferred its
        shareholding in the company to Eteroutremer S.A., Belgium who
 are
        the holding company of the ETERNIT group with headquarters in
        Brussels.
 
 1989 - Production declined due to strike by workers at Mulund works
 and
        Podanur works for a prolonged period.
 
 1990 - 24,66,670 bonus shares issued in prop. 1:1 in December.
 
 1991 - Due to recessionary conditions, production was regulated to
 low
        sales demand.  Despite steep rise in cost of principal raw
        material, profits were satisfactory due to improved
 realisation
        from sales and effective control over costs.
 
      - Out of the initial capital of the Company of 11,500 No. of
 equity
        shares of 100 each, Turner & Newall Ltd., U.K., held 9,500 No.
 of
        equity shares (1,500 shares issued without payment in cash)
 and
        Associated Cement Companies Ltd. (ACC), held 2,000 shares.  
 
 1993 - 49,33,340 bonus shares issued in prop. 1:1 on 16th March
 1994.
 
 1994 - 49,33,340 bonus shares issued in prop. 1:2.
 
 1995 - A new factory was commissioned at Nashik in March.
 
 1997 - During the year, the second machine at the company's new plant
 at
        Lakhmapur was commissioned.
 
 1998 - The performance of the company was adversely affected by
        continued depressed economic conditions that affected
 industrial
        activity and excess capacity in the industry resulting in
 huge
        inventory and pressure on margins.
 
      - Eternit Everest Ltd has been awarded the Inter-Industry State
        Safety Award for 1994, 1995 and 1996.  The award, instituted
 by
        the National Safety Council of India, has been awarded to
 Eternit
        Everest for its Kymore Works at Madhya Pradesh.
 
 1999 - ETERNIT Everest Ltd (EEL), engaged in manufacture of fibre
 cement
        products, has set up a new production line at its Lakhampur
 plant
        near Nashik, Maharashtra.
 
      - Eternit Everest, is a MNC engaged in the production of cement
        based products (like asbestos sheets) and building materials.
        The company belongs to Eternit Group of Belgium (which holds
 a
        49.50 percent stake in the company) and ACC (with 26 percent
        stake).  The company was out of sight on the bourses, largely
        because of the lull in the housing sector in the last two
        years.
 
 2002-The Eternit Everest Ltd is now subsidary ACC.
 
 
          - The consequent to transfer of 74,00,010 shares by
 Eteroutremer S.A. and Nefibouw B.V.            (Foreign promoters) to
 Associated Cement Companies Ltd. At the said meeting            
 Mr.P.K.Sinor, Mr. A.K.Jain and Mr. N.H.Italia have been appointed as
 Additional Directors             on the Board of Directors.Mr D C
 Shroff has also been re-appointed as Additional Director            
 (Independent) on the Board of Directors.
 
 -Eternit Everest Ltd has informed  that Mr Arun K Batra Managing
 Director EEL  has resigned and the Board has accepted Mr Batra's
 resignation.The Board has appointed Mr M L Gupta as an Additional
 Director of the Company and also as Managing Director of EEL for a
 period of two years. The Board has also appointed Mr Manish Sanghi,
 Director-Marketing EEL as an Additional Director and has also
 appointed him as Wholetime Director of EEL for a period of two years
 w e f from aforesaid date.
 
 2004
 
 -Everest Industries enters into an Agreement with Dansk Eternit,
 Denmark
 
 2005
 
 -Adani Group inks pact with Holcim to take over Everest Industries
 
 2007
 
 - Everest Industries Ltd has informed that M/s. Deloitte Haskins &
 Sells, Chartered Accountants, New Delhi have been appointed as
 Statutory Auditors of the Company to hold office from the conclusion
 of the 74th Annual General Meeting held on July 27, 2007 till the
 conclusion of next Annual General Meeting.
 
 2008
 
 -Everest Industries Ltd has appointed Mr. M L Narula as Additional
 Director on the Board of Directors of the Company effective from
 January 30, 2008.
 
 2009
 
 - Everest Industries Ltd has informed that M/s. Deloitte Haskins &
 Sells, Chartered Accountants, Haryana have been appointed as
 Statutory Auditors of the Company to hold office from the conclusion
 of the 76th General Meeting held on July 29, 2009 till the conclusion
 of next Annual General Meeting.
 
 2010
 
 - Everest Industries Limited has informed that the Board of Directors
 at its meeting held on April 24, 2010 have taken the following
 decisions: (1) Appointment of Mr. Aditya. Vikram Somani, Director as
 Whole-Time Director designated as Executive Chairman, of the Company
 w.e.f. 21.06.2010 for a period of three years. (2) Appointment of Mr.
 Manish Sanghi, COO and Director of the company as Managing Director
 w.e.f. 01.10.2010 for a period of three years. (3) Appointment of Mr.
 M.L. Gupta the present Managing Director as Director of the Company
 w.e.f. 01.10.2010. The above appointments are subject to confirmation
 of the shareholders of the Company in the forthcoming Annual General
 Meeting of the Company.
 
 - Everest Industries Ltd has informed that Mr. Amitabh Das Mundhra
 has been inducted as Additional Director on the Board of Directors of
 the Company effective on June 21, 2010 under Article 117 (a) of
 Articles of Association of the Company.
 
 2011
 
 -Everest Industries Ltd has recommended a dividend of @ 45% (Rs. 4.50
 per equity share) 
 
 2012
 
 -Everest Industries Ltd has recommended a dividend of @ 70% (Rs. 7
 per equity share)
 
 2013
 -Everest Industries has recommended a dividend of @ 75% (Rs.7.50 per
 equity share).
 
 2014
 -Everest Industries has recommended a dividend of @ 25% (Rs. 2.50 per
 equity share).
 
 2015
 -Everest Industries Ltd has Commercial Production of Steel Building
 Plant at Dahej, Gujarat.
 -Everest Industries Ltd  has appointed M/s MCS Share Transfer Agent
 Ltd. as its Registrar and Share Transfer Agent.