Financial Daily from THE HINDU group of publications
Wednesday, Apr 21, 2004
Financial Daily from THE HINDU group of publications Wednesday, Apr 21, 2004 |
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Info-Tech
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Stocks Markets - Foreign Institutional Investors FIIs raise stake in SSI to 30 pc Our Bureau
Chennai , April 20 THE holding of foreign institutional investors (FIIs) in SSI Ltd has gone up to about 30 per cent for the quarter ended March 2004, from 18.34 per cent in December 2003. In the latest shareholding pattern disclosure, the new names among FIIs with greater than one per cent shareholding are HSBC Financial Services (Middle East) Ltd that holds 6.13 per cent and JP Morgan Fleming Asset Management Company 2.97 per cent. Public holding in the company has come down from 29.31 per cent to 25.65 per cent between the two quarters. SSI today reported a net profit of Rs 2.22 core for the quarter ended March 2004, compared to a net loss of Rs 1.30 crore for the same period in the previous year. Revenues slumped about 46 per cent to Rs 10.78 crore (Rs 20.16 crore). Expenditure slumped to Rs 6.95 crore (Rs 13.92 crore). The previous period's figures include operations of the education business that has subsequently been hived off. A communiqué from the company says that the previous period figures have been regrouped to conform to the current period's classification. It may also be recalled that in March this year, SSI had proposed the de-merger of the technology business from the parent and the subsequent merger of that business with Scandent Ltd. This proposal is currently pending approval by the stock exchanges. Once the deal is okayed, one share of Scandent would be issued for every one share held in SSI Ltd.
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