Financial Daily from THE HINDU group of publications
Saturday, Aug 03, 2002
Financial Daily from THE HINDU group of publications Saturday, Aug 03, 2002 |
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Corporate
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Mergers & Acquisitions DSCL net up; takes 51% stake in Moravie Richa Mishra
NEW DELHI, Aug 2 DCM Shriram Consolidated Ltd has reported a pre-tax profit of Rs 14.96 crore in the first quarter of this fiscal compared to Rs 13.58 crore in the same period last year, a growth of 10 per cent. The operating profit stood at Rs 35.98 crore (Rs 35.31 crore) and the gross profit was at Rs 25.19 crore (Rs 23.45 crore). The net profit after provision of current tax (MAT) and deferred tax liability is Rs 8.28 crore (Rs 8.05 crore). This is despite pressure on margins of chemicals and cements due to depressed market prices. The company has, however, reported a 11 per cent fall in turnover due to the transfer of polymer processing business to its subsidiary company last year and lower sales of fertilisers. The company has acquired a 51 per cent equity stake in Moravie Investments Ltd (MIL), Mauritius, at a consideration of about Rs 15 crore. Consequent to the acquisition, MIL, along with its following four subsidiaries, have become subsidiaries of DSCL. The companies are Bioseed Research India Pvt Ltd, Delhi, Bioseeds Research Vietnam and Bioseeds Genetics Vietnam, Vietnam, Bioseeds Research Philippines Inc, Philippines.
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