Indo Rama Synthetics Q1 net profit up 4% to Rs.22.70 Million

Indo Rama Synthetics India Ltd has announced the Un-Audited financial results for the quarter ended June 30, 2007.

The Company has posted a net profit after tax of Rs 22.70 million for the quarter ended June 30, 2007 as compared to Rs 21.80 million for the quarter ended June 30, 2006. Total Income has increased from Rs 4733.70 million for the quarter ended June 30, 2006 to Rs 7290.40 million for the quarter ended June 30, 2007.

The Board approved the draft Scheme of Amalgamation ("Scheme") whereby Indo Rama Petrochemicals Ltd ("IRPL") (the Transferor Company) is proposed to amalgamate into the Company (Transferee Company) under Section 391-394 of the Companies Act, 1956. As per the Scheme, the swap ratio of 10:16 has been approved so that the shareholders of IRPL for every 10 shares held in IRPL would receive 16 shares in the Company.

The stock closed the day at Rs.51.25, down by Rs.1.35 or 2.57%. The stock hit an intraday high of Rs.54 and low of Rs.51.00. The total traded quantity was 58346 compared to 2 week average of 16517.

Source : Equity Bulls

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