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Prism Cement’s standalone net loss widened to Rs 33.26 crore for the quarter ended September 30, against a net loss of Rs 19.76 crore in the year—ago period.
Total standalone income rose by 5 per cent to Rs 1,398.34 crore in the July—September quarter of the current fiscal from Rs 1,337.19 crore in the same quarter of 2014—15, it said in a BSE filing.
The firm said, during the September quarter, its Board approved the sale of 23 per cent stake in the firm’s joint venture (JV) with Australia’s QBE Group —— Raheja QBE General Insurance Company Ltd (Raheja QBE) —— for about Rs 103 crore.
“The existing partner in Raheja QBE, mainly QBE Group, Australia, has agreed to acquire the same for an approximate consideration of Australian Dollar 21,500,000 (equivalent to approximately Rs 103 crore),” the firm said.
Prism Cement sold 13.45 lakh tonnes (LT) of cement and clinker in the second quarter this fiscal against 12.92 LT during the same quarter of 2014—15.
It also paid Rs 7.33 crore as contribution towards the District Mineral Foundation (DMF) and the National Mineral Exploration Trust (NMET), the company said.
The company’s shares closed at Rs 89.30 apiece, down over 4 per cent, on the BSE.
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