The company made this announcement during trading hours today, 19 March 2012.

Meanwhile, the BSE Sensex was down 165.16 points, or 0.95% to 17,301.04.

On BSE, 4,821 shares were traded in the counter as against average daily volume of 11,345 shares over past one quarter.

The stock hit a high of Rs 109.95 and a low of Rs 106.40 so far during the day. The stock had hit a record high of Rs 117.35 on 21 February 2012. The stock had hit a record low of Rs 76.05 on 16 December 2011.

The stock had outperformed the market over the past one month till 16 March 2012, rising 1.87% compared with the Sensex's 3.79% fall. The scrip had also outperformed the market in the past one quarter, surging 30.76% as against the Sensex's 12.75% gain.

The small-cap company has an equity capital of Rs 59.64 crore. Face value per share is Rs 10.

Innoventive Industries said that Sankalp Americas Inc has been set up as a wholly owned subsidiary by Sankalp Forgings.

Innoventive Industries' net profit rose 43.3% to Rs 17.22 crore on 16% growth in net sales to Rs 159.07 crore in Q3 December 2011 over Q3 December 2010.

Innoventive Industries is a multi-product engineering company engaged in the manufacturing and sale of precision steel tubes, tubular components, auto components, machined components and other steel products. It caters to diversified industries such as auto, farm equipments, general engineering and oil & gas in both domestic and export market.