Jyoti spurts after one-time settlement with Technology Development Board

Jyoti rose 7.67% to Rs 15.58 after the company said it has done one-time settlement of Rs 1.35 crore with Technology Development Board, New Delhi.

Jyoti said it has given six equal monthly installments in post dated cheques starting from 14 January 2022.

The reason for settlement is that the company has taken part funding under indigenous technology for wind turbine project from Technology Development Board, which has been shelved long time back.

Now the company offered a one time settlement amount for remaining balance amount, which Technology Developed Board has accepted.

Jyoti said it has sufficient liquidity to pay the six monthly installments.

On a consolidated basis, Jyoti reported net loss of Rs 3.05 crore in Q2 September 2021 as against net profit of Rs 0.04 crore in Q2 September 2020. Net sales rose 10.87% to Rs 27.03 crore in Q2 September 2021 over Q2 September 2020.

The Jyoti Group of companies is a conglomeration of industrial units involved in manufacturing and marketing a wide range of electrical and hydraulic engineering equipment used extensively in the vital sectors of national and international economy.

Jyoti is engaged in manufacturing of engineering goods, and manufactures and markets a range of electrical and hydraulic engineering equipment.

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