City-based Ucal Fuel Systems Ltd. has decided to change its name to Ucal Ltd., considering its diversified product portfolio and to keep pace with emerging technologies in the automotive sector.
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Popularly known as Ucal in the market, retaining the existing term ‘fuel systems’ in the name would give an impression to customers, suppliers and the other stakeholders that the company was concentrating only on fuel systems despite having diversified product portfolio. Therefore, it was considered more relevant to use the name Ucal at this point of time, it said in a regulatory filing.
Over the last few decades, Ucal had built scale, expanded global footprint and set up R&D facilities to address diverse customer requirements. The company manufactures and deals in a comprehensive range of automotive components such as electronic control unit, oil pumps, vacuum pump, electronic air suction value, throttle body and air suction value.
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Recently, the board gave its nod for the change of name. The company had sought the approval of the shareholders for the same through an extraordinary general meeting to be held on May 11 through videoconferencing facility.
E-voting will commence on May 7 and end on May 10.
For the nine-month period ended December, the company had posted standalone net profit of ₹12 crore against ₹5 crore during the year-earlier period. Revenue from operations jumped to ₹468 crore from ₹417 crore.