NUMBER WATCH

Calcutta, Nov. 2: McNally Bharat Engineering today reported a net profit of Rs 3.6 crore for the July-September quarter against Rs 3.2 crore in the corresponding period last fiscal.

The company’s order book stands at Rs 2,925 crore and it expects to register a combined topline, including that of subsidiary McNally Sayaji, of around Rs 1,800 crore in 2009-10.

McNally operates in bulk material handling, ash and port handling systems.

At present, McNally is in talks with private power plants and non-ferrous metal producers for their plant packages and processing units.

“Some of the private investments in steel and non-ferrous metals is expected to be delayed because of the slowdown in the global economy.

However, we expect pump-priming by the government in the power sector shall balance the volume of business,” the company said.

Last week, private equity fund EIG of Mauritius had raised its stake in McNally Sayaji Engineering, a subsidiary of McNally Bharat Engineering.

The Hong Kong-headquartered private equity fund has bought a little over 2 per cent of McNally Sayaji’s paid-up capital from McNally Bharat Engineering.

Earlier, the private equity fund had bought around 5 per cent of McNally Sayaji’s paid-up capital from McNally Bharat Engineering.

It has now bought another 1,48,598 equity shares aggregating 2 per cent of McNally Sayaji for Rs 186.79 apiece. It was an off-market transaction.

At present, EIG of Mauritius holds about 7 per cent of McNally Sayaji’s paid-up capital.

The total deal amount is estimated at Rs 10 crore.

McNally Bharat Engineering’s holding in McNally Sayaji has dipped to 86.05 per cent from 88.07 per cent.