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Hit by higher interest cost and slowdown in infrastructure spending, Hindustan Construction Company (HCC) posted a 90 per cent fall in net profit at Rs 2.8 crore for the quarter-ended June 30, 2011, against Rs 28 crore logged in the year-ago period.
Interest cost for the quarter was Rs 93.25 crore (Rs 57.74 crore). Turnover rose 5 per cent to Rs 1,060 crore (Rs 1,008 crore).
The company also announced on Thursday that its subsidiary HCC Infrastructure would dilute 14.5 per cent stake in HCC Concessions to the Xander Group, a global investment firm, for Rs 240 crore.
On Thursday, the company's scrip on the BSE closed 4.62 per cent lower at Rs 30.95.
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