Everest Industries is a big loser today – it is currently down almost 5% at Rs.409.95. Its 52-week high and low stands at Rs.636.90 and Rs.283.90 respectively.
The stock price has tanked on news that it has lost the copyright infringement case against UltarTech Cement as it was selling cement with a trade mark which is very close resemblance to that sold by Ultratech.
Everest was selling under trade mark “Ultratruf” and “A One Ultratruf” which is so similar to the one sold by Ultratech - “UltraTech”. This was infringement of copy rights and Ultratech had moved theBombay high court on 21 March against Everest Inds.
The Court has directed Everest Industries not to use the mark in any manner and directed it to submit to the court Rs.10 lakh as costs and damage within two weeks.
Incidentally, the other cement brand name used by Everest Inds is Ambruja, which is obviously like Ambuja.