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Grasim net jumps 58% to Rs 203 crore

Oct. 23: Grasim Industries Ltd has posted a 57.75 per cent rise in net profit at Rs 202.98 crore for the second quarter ended September 30, 2003, compared with Rs 128.67 crore in the same period last year.

Total income in the reporting quarter has increased to Rs 1,243.77 crore as against Rs 1,149.46 crore in the year-ago period, the company informed the Bombay Stock Exchange today.

Grasim said as part of the proposal for demerger of cement business of L&T into a separate company (Cemco), the company proposes to acquire 8.5 per cent in Cemco from L&T and to make an open offer for purchase of additional 30 per cent.

Post demerger, the Aditya Birla flagship company also proposes to sell its entire holding in L&T to L&T foundation/ trusts.

Grasim has planned a capital expenditure of over Rs 400 crore in the current and next financial year to augment capacity.

Hindalco Q2 net up

Hindalco Industries Ltd, another Aditya Birla group company, has posted a 17.68 per cent rise in net profit at Rs 227.6 crore for the second quarter ended September 30, 2003, compared with Rs 193.4 crore in the same period last fiscal.

Net sales increased to Rs 1,474.8 crore (Rs 1,205.9 crore).

The company will substantially raise capacities of its non-ferrous aluminium and copper business through internal growth and acquisitions.

Bata India cuts loss

Bata India Limited has been able to reduce its loss in the third quarter ended September 30 to Rs 5.7 crore from Rs 8.5 crore in the same period last year.

Total income increased Rs 164.8 crore in the reporting quarter from Rs 154.5 crore in the corresponding previous quarter.

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