Financial Daily from THE HINDU group of publications
Tuesday, Jan 13, 2004
Financial Daily from THE HINDU group of publications Tuesday, Jan 13, 2004 |
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Corporate Results
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Automobile Components Sona Koyo Steering Q3 net doubles Our Bureau
New Delhi , Jan. 12 SONA Koyo Steering Systems Ltd on Monday said its net profit for the third quarter rose by 111 per cent to Rs 3.04 crore from Rs 1.4 crore a year ago on increased exports business. Net sales of the company, a joint venture between the Sona Group and Japan's Koyo Seiko Company, stood at Rs 69.82 crore over Rs 53.9 crore, according to a statement. During the third quarter, Sona Koyo bagged export orders worth Rs 7 crore for manual steering from the US. The company has also got a letter of intent from Maruti Udyog for supplying power steering to midsize cars and an investment of Rs 3 crore will be made for this. Sona Koyo said it has also got a letter of intent (LI) from Hyundai for supplying power steering to a new model. The 100 per cent export-oriented unit in Chennai is at an advanced stage of commission and trial runs will commence in the fourth quarter.
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