Business Daily from THE HINDU group of publications
Monday, Nov 02, 2009
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Business Daily from THE HINDU group of publications Monday, Nov 02, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Corporate Results
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Power States - Maharashtra KEC net more than doubles Mumbai, Nov. 1 KEC International, the transmission company of RPG Enterprises, has reported a net profit of Rs 42 crore for the second quarter of this fiscal, over twice as much from Rs 17 crore in the same period last year. This was thanks to lower raw material and interest costs. Net sales were up nine per cent to Rs 875 crore (Rs 806 crore). The KEC board has also approved the merger of group firm RPG Cables with itself at a swap ratio of one KEC share for every 20 of RPG Cables. In t he process, its capital will be up to Rs 51.42 crore. RPG Cables is a manufacturer of power and control, telecommunications and instrumentation cables with plants in Thane, Silvassa and Mysore. It offers turnkey cabling solutions involving cable supply, selection, jointing, testing and commissioning. “This merger is a natural extension of KEC’s role in the energy space and a key element in the energy distribution portfolio that it is building into its strategy,” Mr Harsh Goenka, Chairman, said. Mr Ramesh Chandak, Managing Director and Chief Executive Officer, added that the merger would bring greater strength to the company as RPG cables would help provide last mile connectivity in the power business as well as contribute to control cost and delivery of projects. The KEC share was down 2.55 per cent to Rs 550.65 on Friday. — Our Bureau More Stories on : Power | Maharashtra
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