The company was incorporated on 12-08-1962 as a Public Limited Company under the name of Hindustan Dowidat Tools Limited in technical collaboration with Dowidat Werke Willi Dowidat of Germany to manufacture high quality hand tools of international standard. The commercial production was commenced in the year 1963 at its factory located at Village Jatheri, Dist. Sonepat (Haryana). The company is one of the pioneers in the field of manufacturing quality hand tools in the country. The company was marketing its products under the brand name of DOWIDAT in the domestic market and certain limited export markets and under the brand name of EVEREST in other export markets world-wide. As the agreement with M/s. Dowidat Werke Willi Dowidat was for a fixed period of 10 years, and it was thought best by both the parties not to renew the agreement further as the total technology had been successfully absorbed by the company, the agreement ended and in the year 1974, the name of the company was changed to HINDUSTAN EVEREST TOOLS LIMITED and thereafter, its products are being marketed under the brand name of EVEREST, both in the domestic as well as export markets world-wide. Besides exporting a major portion of its products to over 35 countries world-wide, including the highly discerning markets such as Germany, France, Italy, UK, USA and Japan, the company is supplying hand tools to the entire automobile sector of the country such as Maruti Udyog Limited, Bajaj Auto Limited, Mahindra & Mahindra Limited and Hindustan Machine Tools Limited, to name just a few. and institutional consumers of hand tools such as ONGC, GSI, MECL and the Defence Sector Vehicle Factories, besides commanding a premium position in the wholesale and retail markets all over the country. The Company has not faced any labour problems/closure/litigations/defaults in the past three years. 2021 -Company name has changed to Algoquant Fintech Ltd. from Hindustan Everest Tools Ltd..