Menon Pistons Ltd Share Price Auto Ancillaries
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Menon Pistons was incorporated as a private limited company in Aug.'77 and was converted into a deemed public company in 1988. The company became a full-fledged public limited company in Nov.'94. Promoted by the late Chandran Menon and Ram Menon, the company was manufacturing pistons to cater to the need of small diesel engine manufacturers. Subsequently, it started supplying the high value added pistons required for the automobile industry and diesel engine sector. Later on, it added pistons required for cars, LCVs/HCVs, to its product line. Its customer list includes Kirloskar Cummins, Telco, Bharat Earth Movers, Maruti Udyog, Mahindra & Mahindra, Escorts, Eicher Tractors, etc. The company has received the ISO 9002 certification and also the Ship-To-Use certification from Kirloskar Cummins, for whom the company is the sole supplier. The company through Menon Exports, a group firm, exports its piston assembly and other engineering goods to the UK, Germany, Greece, Arabian Gulf countries, middle-east countries, Australia, south-east Asia and other countries. In Feb.'96, the company offered for sale 12,75,000 equity shares of Rs 10 each for cash at an offer price of Rs 90 per share aggregating Rs 1147.50 lac. The company recently undertook de-bottlenecking / balancing activities at its plants. The company undertook and completed an expansion in the capacity of Cummins Piston Line by replacement of some of the machines with imported machines from Taiwan, with an investment of over Rs.2 crores during 1998-99.