Shareholders worried over Kesoram closure

Source :  Economictimes    
Date     : 21 Jul 2001

KOLKATA SHAREHOLDERS of Kesoram Textiles Mills Limited hae expressed serious concern over the closure of the factory which employs nearly 3,000 workers.

The factory, which had been lying closed for more than 31 months, had been placed under suspension of work owing to high running costs.

The shareholders, at the company’s second AGM here, also asked the management to take steps to resolve the issue and also to discuss the matter with the state government.

Kesoram Textiles had been hived off from Kesoram Industries soon after the garden reach factory was closed as made into a separate company. Director of Kesoram Textiles, N G Khaitan, presided over the annual general meeting.

Indian Resort Hotels posts Rs 2 lakh Q1 net Mumbai: Indian Resort Hotels has posted a net profit of Rs 2.1 lakh for the first quarter ended June 30, 2001, compared to a net loss of Rs 36.9 lakh in the corresponding period of previous year.

Net sales for the reporting quarter were higher at Rs 2.99 crore as against Rs 2.65 crore in Q1 of same last year, IRHL informed the Bombay Stock Exchange.

Other income was lower at Rs 27.1 lakh in Q1. This reduction in other income was due to lower interest rates and lesser investible surplus available with the company, it added.

HEG posts 27% rise in net at Rs 10.5 crore New Delhi: Bhilwara Group company HEG Ltd has announced 12 per cent increase in turnover to Rs 134.48 crore for the first quarter ending June 30, 2001; net profit jumped 27 per cent to Rs 10.5 crore.

“The graphite exports have increased by 24 per cent in volume terms despite the industrial slowdown in North America and other European countries where HEG has significant presence. In addition, HEG has also received breakthrough in Japanese market with product trial results showing that the company’s electrodes are comparable to the best manufacturers over there,” chairman and managing director Ravi Jhunjhunwala said.

Castrol India Q2 net up 11.77% Mumbai: Castrol India has posted an 11.77 per cent rise in net profit at Rs 36.94 crore for the second quarter ended June 30, 2001, compared to Rs 33.05 crore in the corresponding period of the previous fiscal. Total income for the reporting quarter was also higher at Rs 287.29 crore as against Rs 274.85 crore reported in Q2 of last year, CIL informed the Bombay Stock Exchange.

Interest expenditure is down from Rs 2.54 crore to Rs 1.73 crore in Q2 of 2001, it said. The company has reported the conditions in the lubricant market to be sluggish. It is estimated that size of market has declined by more than 10 per cent over the past 12 months.

Bhel bags order for DC motors from bssl New Delhi: State-owned Bharat Heavy Electricals has bagged an order for supply of 6 dc motors for the cold rolling mill being set up by Bhushan Steels & Strips in Maharashtra.

BSSL has placed an order for design, manufacture and supply of six numbers slow speed dc motors of 400 to 1600 kw capacity for their cold rolling mill at Khopoli in Maharashtra, a Bhel statement said on Friday. (Agencies)