AIA Eng hits new high

AIA Engineering is strongly in the green today morning, up 5% at Rs.486.30 and this is a new 52-week high.

The stock is up after it announced having reached a settlement on its patent infringement action between Magotteaux International (MI) Belgium and  AIA. This involves Sintercast products in USA and the United States District Court had passed a judgement awarding damages of approximately US$7.2 million.

AIA Engineering  has now informed BSE that a Settlement Agreement has been entered into between Company and MI 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 US$ 6 million on December 16, 2013 to MI in consideration of the dismissal of the litigation and mutual release from claims among the parties.